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
- 2019-12-12
- Burger King Brasil, Unidas, GeoPark
- 2019-12-11
- Quinenco, Corticeira Amorim, CSAV, Eletrobras, ACS, XP, Telefonica, Banco Macro, Rumo
- 2019-12-10
- ACS, Wilson, Sons , XP, JSL, Ultrapar, Unidas
- 2019-12-09
- Prisa, B2W, Grupo Argos, Lojas Americanas
- 2019-12-06
- TIM Brasil, Grupo Herdez, ASUR, Vista Alegre, Telefonica, GAP, OMA, Walmex
- 2019-12-05
- Ultrapar, Rumo, Petrobras, Bradespar, Loma Negra
- 2019-12-04
- Localiza, Grupo Sura, BR Distribuidora, Itausa
- 2019-12-03
- RaiaDrogasil, Concha y Toro, Femsa, Oi, Petrobras, Pharol, Itau
- 2019-12-02
- B2W, CCR, IMC
- 2019-11-29
- Arcos Dorados, Vivo, Telefonica, Banco do Brasil, Petrobras, CIE Automotive
Company research notes
- Date
- Company
- Title
- 2019-12-12
- Unidas
- Unidas | Share offering under the spotlight
- 2019-12-09
- JSL, Movida
- JSL | Market corrects mispricing | downgrade
- 2019-12-06
- Vista Alegre
- Management story | robust momentum
- 2019-12-04
- Vivo, Telefonica
- Telefónica | Sending the right signals
- 2019-12-03
- BR Distribuidora
- Alternative Solutions To Unlock Value
- 2019-12-02
- Femsa, RaiaDrogasil
- Femsa to buy DPSP in Brazil?
- 2019-11-28
- Petrobras
- PBR - 2020-24 Plan supportive of FCF story
- 2019-11-25
- Rumo
- Rumo | Clear beneficiary of a lower risk-free rate
- 2019-11-19
- RaiaDrogasil
- Valuing the path to 50% market share
- 2019-11-19
- Vostok
- Vostok Emerging Finance | Rising NAV coupled with narrowing discount
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- B2W
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- Centauro
- Brazil
- Consumer
- Cosan Logistica
- Brazil
- Conglomerates
- Cosan
- Brazil
- Agriculture
- CSAV
- Chile
- Conglomerates
- Duratex
- Brazil
- Conglomerates
- Femsa
- Mexico
- Conglomerates
Nau Preferencia
- Date
- Title
- 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
- 2019-06-04
- Iberia Book | June 2019
- 2019-05-16
- Iberia book | May 2019
- 2019-04-15
- Iberia book | April 2019
- 2019-04-15
- Latin American stock ideas | April 2019
- 2019-04-01
- A Mexican pairs trade
Latam Banks
- Date
- Company
- Title
- 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
- 2019-09-27
- Vostok
- Vostok Emerging Finance | Latin America exposure 75% | First look at Xerpa
- 2019-07-25
- Itau, Banco do Brasil, Bradesco, Banco Santander Brasil, Vostok
- Brazilian Banks | Fight moves to Next Round
- 2019-07-23
- BBVA Bancomer, BBVA, Itau
- Latin American Banks | A spotlight on potential M&A scenarios
- 2019-07-10
- Vostok
- Vostok Emerging Finance l 40% upside post Creditas deal | Buy unchanged
- 2019-07-04
- Itau, Banco Santander Mexico, Banorte, BBVA Bancomer
- Fintech | When only some incumbents meet eMobility
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
- 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
- 2019-02-21
- OMA, ASUR, GAP
- Mexican airports | All eyes on the risk-free rate and SCT
- 2019-01-07
- CCR, Wilson, Sons , Corporación América Airports, Rumo, Ecorodovias
- Brazilian infrastructure | Pro-privatisation stance but limited pipeline visibility (so far)
Latam Energy
- Date
- Company
- Title
Latam TMT
- Date
- Company
- Title
- 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
- 2019-04-01
- PagSeguro, Stone, Cielo
- Brazilian payments | Beginning of the end for prepayments?
- 2019-01-31
- LiLAC, Telefonica, America Movil
- Consolidation in Central America
Holding companies and Conglomerates
- Date
- Company
- Title
- 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”
- 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
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
- 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
- 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
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
- 2019-11-25
- Traxion
- Mexico
- Business services
- 2019-04-01
- Credito Real
- Mexico
- Financials
- 2018-11-28
- Credito Real
- Mexico
- Financials
- 2018-09-10
- Walmex
- Mexico
- Financials
- 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