Coverage
- Company
- Country
- Alba
- Spain
- Alfa
- Mexico
- Alpargatas
- Brazil
- America Movil
- Mexico
- Antarchile
- Chile
- Arco Platform
- Brazil
- Arcos Dorados
- Argentina
- Arezzo
- Brazil
- ASUR
- Mexico
- Atento
- Spain
Diário
- Date
- Company
- 2020-12-04
- Grupo Mateus, ILC, MercadoLibre, ASUR
- 2020-12-03
- RaiaDrogasil, ILC, Femsa, Itau
- 2020-12-02
- Rumo, Centauro, Ultrapar, ILC, GP Investments
- 2020-12-01
- Via Varejo, Magazine Luiza, Corporación América Airports, Grupo Sura, Itau, Arco Platform
- 2020-11-30
- Itau, Itausa, CIE Automotive, MercadoLibre, Liverpool
- 2020-11-27
- BBVA, Gruma, Femsa, Oi, IFS, Petrobras, Credicorp
- 2020-11-26
- Bradespar, Cosan Ltd, Alfa, Duratex, Oi
- 2020-11-25
- Qualitas, Femsa, Liverpool , MercadoLibre, ILC
- 2020-11-24
- Simpar, Arezzo, Femsa
- 2020-11-23
- Guararapes, Concha y Toro, Cosan Ltd, GPA, Prisa, Arezzo
Company research notes
- Date
- Company
- Title
- 2020-12-04
- Femsa
- Femsa Dec 2020a
- 2020-11-26
- Petrobras
- Petrobras 2021-25 Plan - FCF remains King
- 2020-11-25
- Cosan , Cosan Logistica, Cosan Ltd
- The final countdown to the collapse
- 2020-11-24
- Qualitas
- Qualitas | Against the odds, theft rate remains supportive
- 2020-11-23
- Simpar, JSL
- Simpar - Catalysts for closing the valuation gap
- 2020-11-20
- Guararapes
- Profitability/Valuation gap to narrow
- 2020-11-19
- Vostok
- VEF | US$60m follow-on announced
- 2020-11-18
- IFS, Credicorp
- IFS | Initiating with a Buy | 62% upside
- 2020-11-17
- Natura
- Natura | Upgrade | Poised for superior growth
- 2020-11-10
- Femsa
- Momentum and complexity
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Arco Platform
- Brazil
- Consumer
- Arcos Dorados
- Argentina
- Consumer
- B2W
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- Centauro
- Brazil
- Consumer
- Antarchile, Copec
- Chile
- Conglomerates, Industrials
- Cosan , Cosan Ltd, Cosan Logistica
- Brazil
- Infrastructure, Agriculture, Conglomerates
Nau Preferencia
- Date
- Title
- 2020-11-16
- Small & Midcap Compendium | November 2020
- 2020-10-16
- Small & Midcap Compendium | October 2020
- 2020-09-15
- Small & Midcap Compendium | September 2020
- 2020-08-24
- Small & Midcap Compendium | August 2020
- 2020-07-15
- Latin America | Small & Midcap Compendium | July 2020
- 2020-06-15
- Latin America | Small & Midcap Compendium | June 2020
- 2020-05-18
- Small & Midcap Compendium | May 2020
- 2020-04-16
- Small & Midcap Compendium | April 2020
- 2020-03-17
- Small & Midcap Monthly Compendium
- 2020-03-05
- Top 5 Mexican stock picks for 2020
Latam Banks
- Date
- Company
- Title
- 2020-12-02
- Bradesco, Porto Seguro, Banco do Brasil, Banco Santander Brasil, Itau
- Latam Fintech | Nubank to sell life insurance in Brazil
- 2020-11-26
- Credicorp, IFS
- Peruvian Banks | Proposal to extend Reactiva maturities
- 2020-11-03
- IFS, Credicorp
- Peruvian Banks | A closer look at rate caps & credit quality
- 2020-10-16
- Bancolombia, Davivienda
- Latin American Banks | RappiPay doubles the stakes in Colombia
- 2020-10-15
- Bradesco, Banco Santander Brasil, Banco do Brasil, MercadoLibre, Itau
- Brazilian Banks | PIX | High adoption at disrupters
- 2020-10-08
- IFS, Credicorp
- Peruvian Banks | Interest rate caps on the table now
- 2020-10-06
- IFS, Credicorp
- Peruvian Banks | Regulation | Banks save the first match-ball
- 2020-10-01
- Bradesco, Itau, Bancolombia, Banco Santander Brasil, Banco do Brasil
- Latam Banks | Nubank launches in Colombia | First thoughts
- 2020-09-23
- Banco Santander Mexico, Banregio, Banorte
- Mexican Banks | Positive news from Mexico’s largest bank
- 2020-09-14
- Itau, XP
- Nubank enters digital investment market
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
- 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?
- 2019-10-07
- Ultrapar, BR Distribuidora, Cosan
- Brazilian fuel retailing | the Battle is on
Latam TMT
- Date
- Company
- Title
- 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
- 2020-07-23
- Oi, TIM Brasil, Vivo, America Movil
- Brazilian Telecoms | Highline enters negotiations with Oi
- 2020-06-24
- Cielo, PagSeguro, MercadoLibre, Stone
- WhatsApp payments suspended
- 2020-06-22
- Cielo, PagSeguro, MercadoLibre, Stone
- Brazilian payments | Evolution of the payments landscape
- 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
Holding companies and Conglomerates
- Date
- Title
- 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?
- 2019-01-03
- Our top picks for 2019
- 2018-10-11
- NAV discount at record high
- 2018-07-09
- Cascade structures, double discounts
- 2018-04-05
- Spotlight | above average discounts
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
- 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
- 2020-04-28
- IMC
- 2020-04-28
- Liverpool , Petrobras, OMA, Walmex, Unidas, Traxion, Arcos Dorados, SM SAAM, Odontoprev, B2W, ILC, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Ambev, Totvs, Ienova, Santos Brasil, Fragua, Gruma, Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, IMC, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Wilson, Sons , Log-In Logistica, Tenaris, GPA, IFS