André Cepeda, Untitled, São Paulo, Brasil, 2012
Publications
Coverage
- Company
- Country
- Sector
- ACS
- Spain
- Conglomerates, Infrastructure
- Alba
- Spain
- Conglomerates
- 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
Diário
- Date
- Company
- 2020-03-27
- TIM Brasil, Ecorodovias, Petrobras
- 2020-03-26
- Ferrovial, Via Varejo, GAP, Walmex
- 2020-03-25
- Natura , Ienova, America Movil, Televisa
- 2020-03-24
- Rumo, Banco Santander Chile, Log-In Logistica, Login, Gentera
- 2020-03-23
- ILC, Ienova, Fragua, Via Varejo
- 2020-03-20
- GeoPark, Gruma, Femsa, Alsea, Jeronimo Martins, Renner, Alpargatas
- 2020-03-19
- GP Investments, Jereissati, Tenaris, GPA, Burger King Brasil
- 2020-03-18
- Santos Brasil, Wilson, Sons , Femsa, XP, SM SAAM, LiLAC
- 2020-03-17
- Banco Santander, TIM Brasil, Corporación América Airports, Duratex
- 2020-03-16
- Grendene, GALP
Company research notes
- Date
- Company
- Title
- 2020-03-20
- ILC
- ILC Company meeting
- 2020-03-20
- Fragua
- Company meeting notes
- 2020-03-19
- Alpargatas
- Company meeting
- 2020-03-16
- Duratex
- Company meeting highlights
- 2020-03-16
- GALP
- GALP - In better shape than peers
- 2020-03-13
- Grendene
- Company meeting notes
- 2020-03-13
- Vivo
- Vivo | Company meeting highlights
- 2020-03-12
- RaiaDrogasil
- Company meeting
- 2020-03-12
- GeoPark
- GPRK | Room for Manoeuvre
- 2020-03-10
- Walmex
- Company meeting highlights
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- B2W
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- Centauro
- Brazil
- Consumer
- Antarchile, Copec
- Chile
- Industrials
- Cosan , Cosan Ltd, Cosan Logistica
- Brazil
- Conglomerates
- CSAV
- Chile
- Conglomerates
- Despegar
- Argentina
- Information Technology
Nau Preferencia
- Date
- Title
- 2020-03-17
- Small & Midcap Monthly Compendium
- 2020-03-05
- Top 5 Mexican stock picks for 2020
- 2020-03-03
- Mexico | ESG | Minority tag-along rights
- 2020-02-18
- Latin America Small & Mid-caps Compendium | February 2020
- 2020-01-22
- Latin American Stock Ideas | January 2020
- 2019-11-05
- Saudi Aramco IPO - Implications for EM Oils / Petrobras
- 2019-10-25
- Latin American Stock Ideas | October 2019
- 2019-10-10
- Iberia Book | October 2019
- 2019-09-25
- CTT | Company Meeting Notes
- 2019-06-06
- Latin American stock ideas | June 2019
Latam Banks
- Date
- Company
- Title
- 2020-03-25
- Latin American Banks | Damage control mode | CoR sensitivities
- 2020-02-21
- Bradesco, Banco Santander Brasil, Banco do Brasil, Itau
- Brazilian Banks | No more easy years
- 2020-01-31
- Banregio, Banorte, Banco Santander Chile, Banco Santander Brasil, Banbajío
- Latin American Banks | Emerging themes | Q4 earnings
- 2020-01-02
- Inbursa, Banregio, Banorte, Banco Santander Mexico, Banbajío, Gentera
- Mexican Banks | Slow-down in commercial more tangible now
- 2019-12-13
- Magazine Luiza, Itau, Guararapes, Bradesco, Banco Santander Brasil, Marisa, Banco do Brasil, Renner
- Brazilian Banks | Scanning consumer credit for red flags
- 2019-12-09
- XP
- XP Inc. | Pre-IPO | A summary & earnings model
- 2019-12-02
- Bradesco, Banco Santander Brasil, Banco do Brasil, Itau
- Brazilian Banks | Growing regulatory pains? Think twice..
- 2019-11-11
- Inbursa, Bradesco, Banregio, Banorte, Banco Santander Mexico, Banco Santander Chile, Banco Santander Brasil, Itau, Credicorp, Banco de Chile, Gentera
- Latam Banks | Emerging themes post Q3 earnings season
- 2019-10-16
- Bradesco, Banco Santander Brasil, Banco do Brasil, Itausa, Itau
- Brazilian Banks | Analysing trends that matter…
- 2019-10-01
- Banregio, Banco Santander Mexico, Banorte, Gentera
- Mexico | Fintech/Banks | CoDi revisited | Key themes addressed
Iberian Banks
- Date
- Company
- Title
- 2019-04-04
- Banco Santander Brasil, Banco Santander, BBVA, Banco Santander Mexico, Banco Santander Chile
- Banco Santander | 25 Years On
- 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
- 2020-03-17
- Santos Brasil, Wilson, Sons , SM SAAM
- Latin American Ports | Company meeting notes
- 2020-01-07
- Unidas, Movida, Localiza
- Brazilian car rental | Growing pains in global mobility
- 2019-11-13
- Fibra Macquarie, Fibra Uno, Vesta, Terrafina
- The Mexican real estate sector | Vesta and F. Macquarie raised to Buy
- 2019-10-18
- Movida, Unidas, Localiza
- Brazilian car rental | Potential disruptors also in used cars
- 2019-10-02
- Movida, Localiza
- Brazilian car rental | Lawmakers turn their attention to RAC
- 2019-08-14
- OMA, ASUR, GAP
- Mexican airports | Traffic vs risk-free rate
- 2019-06-25
- Cementos Argos, Cemex, Cemex Latam
- Colombian cement | Recovery fully priced-in
- 2019-05-17
- Movida, Unidas, Localiza
- Brazilian car rental | A new player in ride-sharing car rental
- 2019-04-16
- Movida, Unidas, Localiza
- Brazilian car rental | Uber’s IPO prospectus in the spotlight
- 2019-03-28
- Movida, Unidas, Localiza
- Brazilian car rental | Key takeaways from the Lyft IPO
Latam Energy
- Date
- Company
- Title
- 2020-02-05
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail - Fight for market share intensifies
- 2020-02-03
- GeoPark
- Colombian E&Ps | still plenty in the tank
- 2019-12-10
- Tullow Oil
- What’s next for Tullow Oil?
- 2019-10-07
- Ultrapar, BR Distribuidora, Cosan
- Brazilian fuel retailing | the Battle is on
- 2019-08-28
- BR Distribuidora, Ultrapar, Cosan
- The future of Latin American Fuel Retailing
Latam TMT
- Date
- Company
- Title
- 2020-02-03
- LiLAC, Entel, Vivo, Telefonica, America Movil, TIM Brasil
- Consolidation | quest for higher returns
- 2019-12-16
- Via Varejo, Magazine Luiza, MercadoLibre, B2W
- Brazilian e-commerce | The long term prize for the winners
- 2019-11-20
- Entel, LiLAC, Telecom Argentina, America Movil, Telefonica
- Telefonica asset sales could drive a wave of sector consolidation
- 2019-10-04
- Stone, PagSeguro, Cielo
- InfinitePay | disrupting the disruptors
- 2019-09-25
- Vivo, Oi, Telefonica, America Movil, TIM Brasil
- Brazilian Telecoms | Oi consolidation scenarios
- 2019-09-16
- B2W, MercadoLibre, Magazine Luiza
- Amazon - prospects for Prime in Brazil
- 2019-07-08
- PagSeguro, Stone, MercadoLibre, Cielo
- Growth in the midst of a price war
- 2019-06-19
- Stone, MercadoLibre, PagSeguro, Cielo
- InfinitePay - a new disruptive player?
- 2019-05-16
- Cielo, PagSeguro, Stone, Itau
- Short-term competition versus long-term blue sky scenarios…
- 2019-05-14
- PagSeguro, Stone, MercadoLibre
- Brazilian Payments | Iti launch: further payments disruption
Holding companies and Conglomerates
- Date
- Company
- Title
- 2020-01-06
- Itausa, Sonae , CSAV, Vostok, Quinenco, Jereissati, Duratex, Femsa, Antarchile, Cosan , Cosan Ltd, Massy Holdings, Copec, Alba, Prisa, Ultrapar, ILC, GP Investments
- The LatAm compounders: focus on NAV growth
- 2019-09-04
- Hapag-Lloyd, Sonae , CSAV, Prisa, Alba, Pharol, Semapa, Industrias Peñoles, Prosegur, Sonaecom, Ocean Wilsons, Hansa Trust, Vostok, Spice
- The search for value with a catalyst
- 2019-07-02
- Grupo Exito, Quinenco, GP Investments, CSAV, Ultrapar, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Grupo Carso, Grupo Argos, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Grupo Mexico, Industrias Peñoles, GPA, Femsa, Jereissati
- Focus on capital allocation
- 2019-04-08
- Sonae , Prisa, Alba, Pharol, Prosegur, Sonaecom, Semapa
- Value with a catalyst or value trap?
- 2019-01-23
- Grupo Exito, Quinenco, GP Investments, CSAV, Antarchile, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Grupo Mexico, Irsa, Alfa, Ocean Wilsons, Cosan Logistica, Hansa Trust, Cresud, GPA, Femsa, Jereissati, CBD
- Are collapsing cascade structures a trend?
- 2019-01-03
- Quinenco, ILC, Ultrapar, Massy Holdings, Cosan Ltd, Nutresa, Alfa, Ocean Wilsons, Femsa, Vostok
- Our top picks for 2019
- 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”
Latam Consumer
- Date
- Company
- Title
- 2019-11-25
- RaiaDrogasil, Ultrapar, Panvel
- Brazilian drug retailers in pictures
- 2019-03-25
- Walmex, Femsa, Fragua
- Mexican drug retailers
- 2019-02-11
- BR Distribuidora, Ultrapar, Cosan
- Back to growth | margin normalisation
- 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
Latam Macro
- Date
- Title
- 2020-03-13
- Valuation | Latin America | A 255bp spike in market risk premium
- 2019-12-17
- Brazil | BDR market | Key regulatory changes on the horizon
- 2019-12-02
- Valuation | Latin America | A discounted cash flow framework
- 2019-08-19
- Valuation | Latin America | Estimating the cost of equity
- 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
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
- 2020-03-27
- ASUR
- Mexico
- Infrastructure
- 2020-03-26
- B2W
- Brazil
- Consumer
- 2020-03-26
- Petrobras
- Brazil
- Energy
- 2020-03-25
- Walmex
- Mexico
- Consumer
- 2020-03-25
- Energy
- 2020-03-23
- Log-In Logistica, Login
- Brazil
- Infrastructure
- 2020-03-23
- Rumo
- Brazil
- Infrastructure
- 2020-03-22
- Ienova
- Mexico
- Infrastructure
- 2020-03-19
- Tenaris
- Argentina
- Industrials
- 2020-03-13
- Qualitas
- Mexico
- Financials