Coverage
- Company
- Country
- Alba
- Spain
- Alfa SAB de CV
- Mexico
- Alpargatas SA
- Brazil
- America Movil
- Mexico
- Antarchile
- Chile
- Arcelik
- Turkey
- Arco Platform
- Brazil
- Arcos Dorados
- Argentina
- Arezzo Industria e Comercio SA
- Brazil
- Assaí
- Brazil
Diário
- Date
- Company
- 2021-08-02
- Cosan , Magazine Luiza
- 2021-07-30
- Quinenco, Itausa, GP Investments, CSAV, Antarchile, Copec, Bradespar, Industrias Peñoles, Ocean Wilsons, Hansa Trust, B2W, Movida Participacoes SA, Spice, Hapag-Lloyd, Jereissati, Grendene, Movida, Grendene SA, Lojas Americanas, GPA, Localiza, Grupo GICSA SAB de CV, Wilson, Sons
- 2021-07-29
- Petrobras, Liverpool , Banco Santander Brasil, Vivo, Duratex, Lojas Quero Quero S/A, Movida Participacoes SA, Banco Santander Brasil, Banco Santander Mexico, Duratex SA, El Puerto de Liverpool SAB de CV, Inbursa, Banco Santander Mexico, Inbursa, Movida, Banbajío, GPA, Queo Quero, Quero Quero, Femsa
- 2021-07-28
- Vista Oil, Assaí, Inbursa, Prisa, Cosan , Vivo, Vista Oil & Gas, Vostok
- 2021-07-27
- Traxion, Grupo Traxion SAB de CV, Duratex, TIM Brasil, B2W, Duratex SA, Telesites SAB de CV, Magazine Luiza, Regional SAB de CV, Femsa, Telesites, Vostok
- 2021-07-26
- GALP, Petz, Galp Energia SGPS SA, Vostok, GeoPark
- 2021-07-23
- Gentera, Megacable Holdings SAB de CV, Walmex, Gentera SAB de CV, Gruma SAB de CV, Petrobras, Banorte, Megacable, Alfa SAB de CV, Alfa, Banorte, Gruma, Via Varejo
- 2021-07-22
- Ultrapar, La Comer, Qualitas, Alfa, Gruma
- 2021-07-21
- Qualitas Controladora SAB de CV, B2W, Antarchile, Nemak SA de CV, Lojas Americanas, GPA, MercadoLibre, PagSeguro, Qualitas, Assaí, Rumo SA, Grupo KUO SAB De CV, Rumo
- 2021-07-20
- Vina Concha y Toro SA, Alpargatas, Nemak SA de CV, Oi, La Comer, Femsa, Concha y Toro, GP Investments, Alpargatas SA
Company research notes
- Date
- Company
- Title
- 2021-07-28
- BRF, JBS
- Discontinuation of coverage
- 2021-07-28
- Quero Quero
- Initiation | A compelling compounder
- 2021-07-27
- Cosan
- Cosan - Raizen | Independent pre-IPO research
- 2021-07-25
- GeoPark
- Attractive underlying assets
- 2021-07-23
- Vostok
- VEF | Creditas buys leading Brazilian Insurtech
- 2021-07-22
- Alfa
- Foreign limit raised | guidance revised up again
- 2021-07-14
- Lojas Americanas, B2W
- Attractive discount but index changes
- 2021-07-12
- Arco Platform, Vasta, Prisa
- Unlocking EdTech hidden value
- 2021-07-09
- Antarchile, Copec
- 1st ever buyback | Upgrade to Buy
- 2021-07-08
- Vamos, Simpar SA, Simpar
- Vamos | Firing on all cylinders
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Arco Platform
- Brazil
- Consumer
- Arcos Dorados
- Argentina
- B2W
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- Centauro
- Brazil
- Consumer
- Antarchile, Copec
- Chile
- Conglomerates, Industrials
- Cosan
- Brazil, Chile
- Agriculture, Holding companies
Nau Preferencia
- Date
- Title
- 2021-07-30
- Nau ideas August 2021
- 2021-07-19
- Small & Midcap Compendium | July 2021
- 2021-07-05
- Nau ideas July 2021
- 2021-06-15
- Small & Midcap Compendium | Jun 2021
- 2021-06-07
- Latin American stock ideas | June 2021
- 2021-05-17
- Small & Midcap Compendium | May 2021
- 2021-05-06
- Latin American stock ideas | May 2021
- 2021-04-19
- Small & Midcap Compendium | April 2021
- 2021-04-06
- Latin American stock ideas | April 2021
- 2021-03-17
- Small & Midcap Compendium | March 2021
Latam Banks
- Date
- Company
- Title
- 2021-07-16
- Brazilian Banks | The fight for single-homing customers
- 2021-07-09
- Femsa
- Latam Fintech | Spin by Oxxo revisited
- 2021-06-30
- Latin American Banks | M&A | Fintech opens a backdoor
- 2021-06-28
- Brazilian Banks | Tax reform | Running the numbers
- 2021-06-23
- Latam Fintech | Embedded finance the next big wave
- 2021-06-16
- Latam Fintech | Credijusto buys Banco Finterra
- 2021-06-09
- Latam Fintech | GBM | Softbank | Thinking ahead
- 2021-05-24
- Itau, Banco do Brasil, Bradesco, Nubank, Banco Santander Brasil, Vostok
- Brazilian Banks | Still sailing into the wind
- 2021-05-18
- IFS, Credicorp Ltd
- Peruvian Banks | CTS deposits withdrawals | Sector impact
- 2021-04-23
- Latam Fintech | A first look at PicS (“PicPay”) | Pre-IPO research
Latam Infrastructure
- Date
- Company
- Title
- 2020-07-05
- Sanepar, Copasa, Sabesp
- Brazil water | A scale opportunity | Sector initiation
- 2020-06-12
- GAP, ASUR, OMA
- Mexican airports | Almost 3 years to full traffic recovery
- 2020-05-27
- Localiza, Unidas, Movida
- Brazilian car rental | Powerful, structural forces remain
- 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
Latam Energy
- Date
- Company
- Title
- 2021-01-28
- YPF SA, Petrobras
- Latin America energy agenda reset | Ecopetrol chases ISA deal
- 2020-11-16
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail | The twisting road post 3Q results
- 2020-08-05
- Petrobras
- BP agenda reset | Latin America energy implications
- 2020-06-03
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail | All eyes on lockdown lifting
- 2020-05-19
- GeoPark
- Colombian E&Ps | Rolling the barrels
- 2020-05-04
- GeoPark, Vista Oil & Gas, GALP, Petrobras
- Latin American oil sector | Where now?
- 2020-04-02
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail | Volume impact of asymmetric lockdown
- 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?
Latam TMT
- Date
- Company
- Title
- 2021-07-15
- Renner, Lojas Americanas, Arezzo, Via Varejo, Magazine Luiza, MercadoLibre, Duratex SA, Petz, B2W, Duratex, Walmex, Arezzo Industria e Comercio SA
- Latin American e-commerce
- 2021-06-28
- America Movil, Televisa
- A proliferation of streaming platforms
- 2021-05-21
- Via Varejo, B2W, Lojas Americanas, MercadoLibre, Magazine Luiza
- Q1 trends | growth, groceries, logistics
- 2021-04-08
- Stone, Stone Co, PagSeguro
- Brazilian Payments | Reinstating our preference for PAGS
- 2021-01-29
- Telefonica
- Discontinuation of coverage
- 2021-01-29
- Telefonica, TIM Brasil, America Movil, Vivo, Liberty Latin America Ltd, Entel
- Consolidation | 5G | Towers
- 2020-12-15
- TIM Brasil, America Movil, Vivo, Oi
- Brazilian Telecoms | Consolidation to a three player market
- 2020-10-08
- B2W, MercadoLibre
- Read-across from the Allegro IPO
- 2020-08-28
- MercadoLibre, PagSeguro
- Ant Payments
- 2020-08-04
- Telefonica, Telesites
- Emerging Markets Towers Primer
Holding companies and Conglomerates
- Date
- Title
- 2021-07-30
- Single-asset holdcos | US$36bn lost value
- 2021-06-09
- Who's next?
- 2021-04-07
- Creating value through simplification
- 2021-01-04
- Thinking like an owner
- 2020-09-21
- Monetising value through spin-offs
- 2020-01-06
- The LatAm compounders: focus on NAV growth
- 2019-09-04
- The search for value with a catalyst
- 2019-07-02
- Focus on capital allocation
- 2019-04-08
- Value with a catalyst or value trap?
- 2019-01-23
- Are collapsing cascade structures a trend?
Latam Consumer
- Date
- Company
- Title
- 2020-12-02
- Pague Menos, Panvel, RaiaDrogasil, Porto Seguro, Fleury, Odontoprev
- Brazilian Healthcare | Digital disruption on the horizon
- 2020-09-01
- Pague Menos, Natura , Lojas Americanas, Via Varejo, Guararapes, Carrefour Brasil, Panvel, RaiaDrogasil, Arcos Dorados, Centauro, Marisa, GPA, MercadoLibre, Renner, Hering, Burger King Brasil, Arezzo, B2W, Alpargatas, Magazine Luiza
- Brazil eCommerce | Spotlight on 26 Brazilian retailers
- 2020-04-06
- GPA, Carrefour Brasil
- The Atacarejo food retailing format
- 2020-04-06
- GPA, Carrefour Brasil
- The Atacarejo food retailing format
- 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?
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
- 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
- World Bank
- 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
Company meeting notes
- Date
- Company
- 2021-02-26
- Banorte
- 2021-01-07
- Tenaris
- 2020-06-09
- Tenaris, Tenaris
- 2020-06-05
- Canacol
- 2020-05-29
- Terpel, Copec
- 2020-05-06
- Hypera Pharma
- 2020-04-29
- Qualitas, Ienova, Fragua, Gruma, ASUR, Femsa, La Comer, Liverpool , Hoteles City Express, OMA, Walmex, Traxion
- 2020-04-28
- IMC, Copec, Arcos Dorados, SM SAAM, Odontoprev, B2W, Walmex, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Liverpool , Petrobras, OMA, ILC, Unidas, Traxion, Ambev, Totvs, Ienova, Santos Brasil, Gruma, Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, Arco Platform, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Wilson, Sons , Log-In Logistica, Tenaris, GPA, IFS
- 2020-04-28
- Traxion, Ambev, Totvs, Ienova, Santos Brasil, Fragua, Wilson, Sons , Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, Arco Platform, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Log-In Logistica, Tenaris, GPA, IFS, IMC, Copec, Arcos Dorados, SM SAAM, Odontoprev, B2W, Walmex, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Liverpool , Petrobras, OMA, ILC, Unidas
- 2020-04-28
- Localiza, Unidas, Movida