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
- 2021-09-27
- TIM Brasil, America Movil, Vivo, XP, Omega Geracao SA, Itausa, Itau
- 2021-09-24
- IMC, ILC, Femsa
- 2021-09-23
- Quinenco, Ultrapar, Ultrapar Participacoes SA
- 2021-09-22
- Corporación América Airports, Vasta, Wilson, Sons , Magazine Luiza, Via Varejo
- 2021-09-21
- Arco Platform, GP Investments, Arezzo, Petrobras, Petz, Cosan , Spice
- 2021-09-20
- Rumo SA, GPA, Braskem, Femsa, Braskem SA, Rumo
- 2021-09-17
- Vina Concha y Toro SA, Stone, Stone Co, Concha y Toro, Vista Oil
- 2021-09-16
- Vamos, B2W, Grupo Mexico, Liberty Latin America Ltd, Bradespar SA, America Movil, Bradespar
- 2021-09-15
- Quinenco, ILC, Vista Oil, Bradespar, Rumo SA, Bradespar SA, Vista Oil & Gas, CSAV, Pampa Energia SA, Hapag-Lloyd, Pampa Energia, Vale, YPF SA, Loggi, Loggi, Rumo
- 2021-09-14
- Grupo Televisa SAB, Walmex, Galp Energia SGPS SA, MercadoLibre, Oi, GALP, Televisa
Company research notes
- Date
- Company
- Title
- 2021-09-20
- Hering
- Hering | Discontinuation of coverage
- 2021-09-15
- Bradespar
- Unlocking value
- 2021-09-03
- Gentera SAB de CV
- Gentera | Mexican business back to pre-COVID levels | 40% upside
- 2021-09-03
- Itau, Itausa
- Post XP, NAV 50% higher than share price
- 2021-09-02
- Petrobras Distribuidora SA, BR Distribuidora, Vibra Energia, Vibra Energia
- Vibra’s CMD – Clear way ahead
- 2021-08-16
- Rumo SA, Rumo
- Rumo | A Brazilian infrastructure dichotomy
- 2021-08-13
- Ultrapar Participacoes SA, Ultrapar
- Ultrapar | Tackling Ipiranga’s performance issues
- 2021-08-10
- MercadoLibre, Mercado Pago
- Firing on all cylinders
- 2021-07-28
- BRF, JBS
- Discontinuation of coverage
- 2021-07-28
- Quero Quero
- Initiation | A compelling compounder
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Arco Platform
- Brazil
- Consumer
- Arcos Dorados
- Argentina, Sweden
- Financials, Holding companies
- 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
- 2021-09-23
- LatAm Small & Midcap Compendium | September 2021
- 2021-09-08
- Nau ideas September 2021
- 2021-08-25
- Small & Midcap Compendium | August 2021
- 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
Latam Banks
- Date
- Company
- Title
- 2021-09-03
- Brazilian Banks | Towards the death of ATMs as we know them?
- 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
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
- 2021-09-20
- Loggi, RaiaDrogasil, VEF, GPA, Grendene SA, Alpargatas, MercadoLibre, Pet Center Comercio e Participacoes SA, Walmex
- Latin American e-commerce
- 2021-08-20
- Petz, Walmex, Marisa Lojas SA, Magazine Luiza, B2W, MercadoLibre, Grendene, Aliansce, Natura , Via Varejo, Mercado Pago, Grendene SA, Lojas Americanas, GPA, Marisa, Femsa, Aliansce Sonae Shopping Centers sa
- Latin American e-commerce
- 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
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
- 2021-09-14
- Loggi, Loggi
- 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