André Cepeda, Untitled, São Paulo, Brasil, 2012
Publications
Coverage
- Company
- Country
- Sector
- Alfa
- Mexico
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Antarchile
- Chile
- Conglomerates
- Arcos Dorados
- Argentina
- Consumer
- Arezzo
- Brazil
- Consumer
- ASUR
- Mexico
- Infrastructure
- Atento
- Spain
- Business services
- Banco de Chile
- Chile
- Financials
- Banco do Brasil
- Brazil
- Financials
- Banco Macro
- Argentina
- Financials
- Banco Santander Brasil
- Brazil
- Financials
- Banco Santander Chile
- Chile
- Financials
- Banco Santander Mexico
- Mexico
- Financials
- Bancolombia
- Colombia
- Financials
- Banorte
- Mexico
- Financials
- Banregio
- Mexico
- Financials
- BR Distribuidora
- Brazil
- Energy
- Bradesco
- Brazil
- Financials
- Bradespar
- Brazil
- Conglomerates, Materials
- BRF
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- CBD
- Brazil
- Consumer
- CCR
- Brazil
- Infrastructure
- CCU
- Chile
- Consumer
- Cementos Argos
- Colombia
- Infrastructure, Materials
- Cemex
- Mexico
- Materials
- Cemex Latam
- Colombia
- Infrastructure, Materials
- CIE Automotive
- Spain
- Conglomerates, Industrials
- Concha y Toro
- Chile
- Consumer
- Copec
- Chile
- Conglomerates, Industrials
- Corporación América Airports
- Argentina
- Infrastructure
- Cosan
- Brazil
- Agriculture, Conglomerates
- Cosan Logistica
- Brazil
- Conglomerates, Infrastructure
- Cosan Ltd
- Brazil
- Conglomerates
- Credicorp
- Peru
- Financials
- Cresud
- Argentina
- Agriculture, Conglomerates
- CSAV
- Chile
- Conglomerates, Infrastructure
- Despegar
- Argentina
- Consumer, Information Technology
- Duratex
- Brazil
- Conglomerates, Industrials
- Ecorodovias
- Brazil
- Infrastructure
- Entel
- Chile
- Telecommunication Services
- Femsa
- Mexico
- Conglomerates, Consumer
- Fhipo
- Mexico
- Financials, Real Estate
- Fibra Macquarie
- Mexico
- Real Estate
- Fibra Uno
- Mexico
- Real Estate
- Fragua
- Mexico
- Consumer
- GAP
- Mexico
- Infrastructure
- Gentera
- Mexico
- Financials
- GMexico Transportes
- Mexico
- Infrastructure
- GP Investments
- Brazil
- Conglomerates
- Grendene
- Brazil
- Consumer
- Gruma
- Mexico
- Consumer
- Grupo Argos
- Colombia
- Conglomerates, Real Estate
- Grupo Carso
- Mexico
- Conglomerates
- Grupo Cementos de Chihuahua
- Mexico
- Materials
- Grupo Clarin
- Argentina
- Telecommunication Services
- Grupo Exito
- Colombia
- Consumer
- Grupo Financiero Galicia
- Argentina
- Financials
- Grupo Melo
- Panama
- Conglomerates, Consumer
- Grupo Mexico
- Mexico
- Conglomerates, Infrastructure, Materials
- Grupo Supervielle
- Argentina
- Financials
- Grupo Sura
- Colombia
- Conglomerates, Financials
- Guararapes
- Brazil
- Consumer
- Hansa Trust
- United Kingdom
- Conglomerates
- Hering
- Brazil
- Consumer
- ILC
- Chile
- Conglomerates, Financials
- IMC
- Brazil
- Consumer
- Inbursa
- Mexico
- Financials
- Industrias Peñoles
- Mexico
- Conglomerates, Materials
- Irsa
- Argentina
- Conglomerates, Real Estate
- Itau
- Brazil
- Financials
- Itausa
- Brazil
- Conglomerates, Financials
- JBS
- Brazil
- Conglomerates, Consumer
- Jereissati
- Brazil
- Conglomerates
- JSL
- Brazil
- Business services, Infrastructure
- KUO
- Mexico
- Conglomerates
- La Comer
- Mexico
- Consumer
- LiLAC
- Chile
- Telecommunication Services
- Liverpool
- Mexico
- Consumer
- Localiza
- Brazil
- Business services, Consumer
- Massy Holdings
- Trinidad and Tobago
- Conglomerates
- Megacable
- Mexico
- Telecommunication Services
- MercadoLibre
- Argentina
- Consumer, Information Technology
- Metalurgica Gerdau
- Brazil
- Conglomerates, Materials
- Mota-Engil
- Portugal
- Conglomerates, Infrastructure
- Movida
- Brazil
- Business services
- Natura
- Brazil
- Consumer
- Nutresa
- Colombia
- Conglomerates, Consumer
- Ocean Wilsons
- United Kingdom
- Conglomerates
- OMA
- Mexico
- Infrastructure
- PagSeguro
- Brazil
- Consumer, Financials
- Pampa Energia
- Argentina
- Conglomerates, Utilities
- Panvel
- Brazil
- Consumer, Health Care
- Qualitas
- Mexico
- Financials
- Quinenco
- Chile
- Conglomerates
- RaiaDrogasil
- Brazil
- Consumer, Health Care
- Rassini
- Mexico
- Industrials
- Renner
- Brazil
- Consumer
- Rumo SA
- Brazil
- Infrastructure
- Santos Brasil
- Brazil
- Infrastructure
- Siderar
- Argentina
- Conglomerates, Materials
- SM SAAM
- Chile
- Industrials
- Sociedad Comercial del Plata
- Argentina
- Conglomerates, Energy
- Stone
- Brazil
- Financials
- T4F
- Brazil
- Consumer
- Telecom Argentina
- Argentina
- Telecommunication Services
- Telesites
- Mexico
- Infrastructure, Telecommunication Services
- Televisa
- Mexico
- Telecommunication Services
- Ternium
- Argentina
- Conglomerates, Materials
- Terpel
- Colombia
- Consumer, Infrastructure
- Terrafina
- Mexico
- Real Estate
- TIM Brasil
- Brazil
- Telecommunication Services
- Ultrapar
- Brazil
- Conglomerates
- Vesta
- Mexico
- Real Estate
- Vivo
- Brazil
- Telecommunication Services
- Vostok
- Sweden
- Conglomerates, Financials
- Wilson, Sons
- Brazil
- Business services, Infrastructure
Diário
- Date
- Company
- 2018-12-10
- CCR, BRF, Guararapes, JBS, Grupo Melo
- 2018-12-07
- IMC, Cresud, Loma Negra, Irsa, Natura
- 2018-12-06
- Loma Negra, MercadoLibre, JBS
- 2018-12-04
- PagSeguro, Oi
- 2018-12-03
- Unidas, Copec, Cosan Ltd, Terpel, Telefonica, ASUR
- 2018-12-03
- Terpel, Unidas, Copec, Cosan Ltd, Telefonica
- 2018-11-30
- IMC, Ultrapar, Localiza, PagSeguro, RaiaDrogasil, CCR
- 2018-11-29
- Grupo Cementos De Chihuahua, Mota-Engil, Grupo Financiero Galicia, Banco Macro, Gruma, Telecom Argentina
- 2018-11-28
- IMC, Burger King Brasil, Localiza, Loma Negra, Grupo Financiero Galicia, Banco Macro, CCR
- 2018-11-27
- Corporación América Airports, Stone, Localiza
Company research notes
- Date
- Company
- Title
- 2018-12-03
- PagSeguro
- Device prices down, MDRs stable so far
- 2018-11-30
- Unidas
- Unidas | Further shaping Brazil’s RAC market
- 2018-11-28
- Gruma
- Accelerating free cash flow generation
- 2018-11-27
- Loma Negra
- Loma Negra | Exploring the InterCement angle
- 2018-11-26
- Localiza
- Localiza | Perspectives for car rental in Brazil
- 2018-11-22
- La Comer
- Initiation | Superior margins and growth
- 2018-11-15
- Wilson, Sons
- Wilson, Sons | Towage sale should not be ruled out
- 2018-11-13
- Vostok
- Vostok Emerging Finance | Alternative EM FINTECH play | 38% upside
- 2018-11-12
- Banco Santander Mexico
- Santander Mexico | 1.4x book | too cheap to ignore | upgrade to Buy
- 2018-11-09
- Stone
- Challenger in Brazilian payments
Nau Preferencia
- Date
- Title
- 2018-10-29
- Latin American stock ideas | October 2018
- 2018-10-29
- Latin American stock ideas October 2018 1pp
- 2018-05-11
- Latin American stock ideas | May 2018 | Summary
- 2018-05-11
- Latin American stock ideas | May 2018
- 2017-05-16
- 1,080bps out-performance YTD
- 2017-05-11
- Latin American Stock Ideas
- 2017-03-14
- Brazilian Preferred Shares
- 2017-01-16
- A Unified Code of Best Practices
- 2017-01-04
- Top picks for 2017
- 2016-09-05
- A window for the Novo Mercado
Latam Macro
- Date
- Title
- 2017-05-05
- Latin America: US tax reform implications
- 2017-04-11
- Brazil Taxes: Payroll-tax breaks on the spotlight again
- 2016-12-05
- Mexican macro: Carstens out; minimum nominal wage up 9.7%
- 2016-11-17
- Brazil: Spending cup without pension reform is empty
- 2016-10-20
- Colombian Taxes: Dissecting the proposed tax reforms
- 2016-10-18
- Peruvian Macro: Commercial bank lending to grow below par
- 2016-09-15
- Colombia: A closer look at the impending tax reform
- 2016-09-15
- Brazilian Macro: Our base case scenario for the consumer in 2017
- 2016-09-13
- Mexican Macro: Inflection point in consumer spending?
Latam Banks
- Date
- Company
- Title
- 2018-12-06
- Gentera, Banbajío, Banorte, Banregio, Inbursa, Banco Santander Mexico
- Mexican Banks | Regulatory toolbox
- 2018-12-05
- Banbajío, Banco Santander Mexico, Banorte, Banregio, Inbursa
- Mexican Banks | NAFIN’s SME guarantees; a game changer?
- 2018-11-30
- Inbursa, Banorte, Grupo Sura
- Mexico | AFOREs | Need treatment, not a transplant
- 2018-11-22
- Banco Santander Mexico, Banorte, Banregio, BBVA Bancomer
- Mexican Banks | Interest rate caps | theory & practice
- 2018-11-09
- Gentera, Banbajío, Banco Santander Mexico, Banorte, Banregio, Inbursa
- Mexican Banks | We see no rationale for “cancelling” fees
- 2018-10-18
- Banco Santander Brasil, Bradesco, Banco do Brasil, Itau
- Brazil Banks | Thematic Research | Resilient credit spreads...
- 2018-10-08
- Bradesco, Banco do Brasil, Itau, Banco Santander Brasil
- Brazil Fintech: Tencent goes to Brazil
- 2018-10-05
- BBVA
- Fintech: Moving (very) fast...
- 2018-09-12
- Banco Santander Mexico, Banorte, BBVA, Inbursa, BBVA Bancomer
- Special Situations Research | BBVA | Cheaper than it looks, on 0.15x book
- 2018-09-05
- Gentera, Banbajío, Banco Santander Mexico, Banorte, Banregio, Inbursa
- Mexican Banks: Dissecting early Q3 18 trends
Iberian Banks
- Date
- Company
- Title
- 2017-10-05
- Banco Santander, Caixabank, BBVA
- Redomiciliation | A no-brainer? | What next?
- 2015-03-11
- BCP, BPI, Caixabank
- Iberian Banks: All bets are off in Portugal
- 2014-12-23
- BPI, Caixabank
- Angola is shaping the Portuguese agenda
- 2014-08-07
- BES, Banco Popular
- The Sting
- 2014-07-25
- BBVA, BES
- Fixing the balance-sheet is only the start
- 2014-07-04
- Banco Santander, BES
- Dismantling Basel 3
- 2014-06-27
- BCP, Banco Popular, BES
- Putting the house in order
- 2014-06-18
- BCP, Banco Popular, BPI, BES
- Days of reckoning
- 2014-06-06
- BBVA, Banco Santander, BES
- Liquidity targeting the wrong audience
Latam Infrastructure
- Date
- Company
- Title
- 2018-11-06
- GAP, ASUR, Banorte, OMA
- Mexican airports | NACM cancellation | Implications?
- 2018-07-11
- Rumo, GMexico Transportes
- Latin American Railways: Initiating on Rumo and GMexico Transportes
- 2017-11-20
- Cementos Argos, Loma Negra, Cemex, Cemex Latam
- Latin American Cement Watch: Argentina in the lead
- 2017-10-21
- Fibra Macquarie, Vesta, Fibra Prologis, Terrafina
- Mexican real estate: NAFTA remains too binary
- 2017-10-17
- Movida, OMA, SM SAAM, Localiza, JSL, Wilson, Sons , ASUR, GAP, Santos Brasil, Ecorodovias, CCR, Loma Negra
- Latin American infrastructure: Limited valuation headroom
- 2017-09-17
- SM SAAM, Hansa Trust, Ocean Wilsons, Wilson, Sons , Santos Brasil
- Latin American ports: M&A premia highlight valuation case
- 2017-09-04
- Movida, JSL, Localiza
- Brazilian car rental: Locamerica in the spotlight
- 2017-08-25
- Wilson, Sons , CCR, Santos Brasil, Ecorodovias
- Brazilian infrastructure: Infra plan, third time unlucky
- 2017-06-19
- Cemex, Cementos Argos, Cemex Latam
- The Latin American Cement Sector | Cemex, 20% upgrade to estimates
- 2017-05-26
- Cementos Argos, Cemex, Cemex Latam
- Latam Cement Watch: Supportive volume outlook
Latam TMT
- Date
- Company
- Title
- 2018-09-20
- B2W, MercadoLibre
- Netshoes acquisition talks
- 2018-07-16
- America Movil, Televisa
- Regulation | AMX versus Televisa
- 2018-05-22
- B2W, MercadoLibre
- Brazil | E-commerce logistics
- 2018-05-22
- B2W, MercadoLibre
- Brazil | E-commerce logistics
- 2018-03-27
- MercadoLibre, B2W
- Latin American e-commerce | Amazon to partner with ViaVarejo?
- 2017-11-13
- MercadoLibre, B2W
- The battle for Brazil's marketplace
- 2017-09-14
- Televisa, America Movil
- What next for regulation in Mexico?
- 2017-07-05
- Grupo Clarin, Telecom Argentina
- Merger of Telecom and Cablevision
- 2017-03-02
- Telecom Argentina, Grupo Clarin
- New era, new opportunities and risks
- 2016-11-18
- Megacable, Telesites, America Movil, Televisa
- Red Compartida - what it means
Latam Conglomerates
- Date
- Company
- Title
- 2018-10-11
- Grupo Exito, Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, GPA, Femsa, Jereissati, Vostok
- NAV discount at record high
- 2018-07-09
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, Femsa, Jereissati, Vostok
- Cascade structures, double discounts
- 2018-04-05
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, Femsa
- Spotlight | above average discounts
- 2018-01-09
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Prosegur, Massy Holdings, Femsa, Cosan Logistica, JBS, Pampa Energia, Almendral, IRSA Propiedades Comerciales, Brasilagro, Ternium, Sociedad Comercial del Plata, Siderar, Discount Investment Corporation, Grupo Mexico, Industrias Peñoles, Mota-Engil, Spice
- Top picks and a flurry of “special sits”
- 2017-10-03
- Grupo Mexico, Quinenco, GP Investments, ILC, Ultrapar, KUO, Cosan Ltd, Cresud, Nutresa, Alfa, Ocean Wilsons, Femsa, Duratex, Sociedad Comercial del Plata, Siderar
- IPOs | Monetisation of value vs. NAV discount
- 2017-07-03
- Quinenco, GP Investments, CSAV, Ultrapar, KUO, Massy Holdings, Bradespar, Cresud, Ternium, Femsa, Ocean Wilsons, Duratex, ILC
- Out-performance continues
- 2017-05-10
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Cosan Logistica, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Spice, Massy Holdings, Pampa Energia, Almendral, IRSA Propiedades Comerciales, Brasilagro, Ternium, Sociedad Comercial del Plata, Siderar, Discount Investment Corporation, Grupo Mexico, Industrias Peñoles, JBS, Mota-Engil, Femsa
- Mining group NAV discounts normalise in Q1
- 2017-04-06
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Spice, Massy Holdings, Femsa, Cosan Logistica, JBS, Pampa Energia, Almendral, IRSA Propiedades Comerciales, Brasilagro, Ternium, Sociedad Comercial del Plata, Siderar, Discount Investment Corporation, Industrias Peñoles, Mota-Engil
- Holding companies outperformance
- 2017-01-05
- Quinenco, GP Investments, CSAV, Itausa, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Spice, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Almendral, Industrias Peñoles, Grupo Mexico, Femsa
- Top Latin-American NAV-plays in 2017
- 2016-10-10
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Spice, Massy Holdings, Femsa, Cosan Logistica, JBS, Pampa Energia, Almendral, Industrias Peñoles, Grupo Mexico, Mota-Engil, Triunfo
- Building blocks
Latam Consumer
- Date
- Company
- Title
- 2018-11-30
- IMC, Burger King Brasil, Arcos Dorados
- Another e-revolution takes grip
- 2018-11-12
- RaiaDrogasil, Ultrapar
- Northern players feel the pain in Q3
- 2018-10-05
- BR Distribuidora, Ultrapar, Cosan
- An inflexion point in August?
- 2018-08-28
- Fragua, Femsa
- Walgreens and FEMSA next moves?
- 2018-08-21
- Cosan , Ultrapar, BR Distribuidora
- The Brazilian fuel retailing sector
- 2018-05-16
- BR Distribuidora, Ultrapar, Cosan
- A weak start but well-positioned
- 2018-05-14
- Panvel, RaiaDrogasil, Ultrapar
- Drug retailers grapple with slowdown
- 2018-03-26
- Hering, Renner, Guararapes
- Footwear over apparel
- 2017-06-06
- Quinenco, Pampa Energia, Ultrapar, Copec, Cosan Ltd, Cosan , Antarchile, Terpel, Femsa
- M&A grips the fuel retail market
- 2016-09-26
- Guararapes, Springs Global, Natura , Marisa, Grendene, Cosan , Restoque, Renner, Hering, BRF, JBS, Ultrapar, Arezzo, Alpargatas, T4F, IMC
- A gradual consumer recovery
Nau Astrolabe
- Date
- Author
- Title
- 2018-05-31
- Cirrus Research | Global Notepad – Latin America: Be Selective, Leadership too Narrow
- 2016-09-12
- Luis Arenzana
- Estimating risk free rates in emerging markets
- 2015-09-21
- George Magnus
- George Magnus on China's economy: no collapse, but it's serious - so are the politics
- 2015-05-27
- Shared Prosperity and Poverty Eradication in Latin American – a World Bank Study
- 2014-11-11
- Lucas de Aragão
- The View from Brasilia – What Next?
- 2014-09-03
- Jonathan Anderson
- Please, Please, Just Give Us Tapering Already
- 2014-04-28
- Michael Shaoul
- Prospects for Brazil and the Bovespa
Nau Direct
- Date
- Company
- Country
- Sector
Company meeting notes
- Date
- Company
- Country
- Sector
- 2018-11-29
- 2018-11-28
- Credito Real
- 2018-09-10
- Walmex
- 2018-02-22
- Robinsons Retail Holdings
- Philippines
- Consumer
- 2018-01-19
- Vulcabras
- Brazil
- Consumer
- 2017-12-28
- La Comer
- Mexico
- Consumer
- 2017-10-10
- Prosegur
- Spain
- Business services
- 2017-05-23
- La Anonima
- Argentina
- Consumer
- 2016-11-15
- Porto Seguro
- Brazil
- Financials
- 2016-10-25
- Ternium
- Argentina
- Conglomerates