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Country:
Argentina
Capital:
Buenos Aires
Currency:
Argentine peso (ARS)
Riedel Research Coverage by Region
Argentina

Recent Reports

ARCO - McDonald's in LatAm Solid Performance Will Prove Market Wrong - BUY - Archived 6/2/2014
ARCO - Fastfood Growth and Consistent Performance Will Re-rate Shares - BUY
Tenaris - Global Pipes and Tube Producer Benefits from Trends in Energy Markets - BUY - Archived 1/10/2013
Global leader in production and sale of Oil Country Tubular Goods (OCTG) – pipe and tube products used in the petroleum industry. Near term catalysts include the recovery of the Chinese economy.
BRIO - Top Private Bank Set for Expanded Listing - Archived 7/5/2011
Argentina's number one private bank in terms of size and profitability. Play on current domestic consumer boom.
Tenaris - Oil and Gas Demand Spurs Growth - Fully Vallued - HOLD - Archived 5/9/2011
Strong demand for Tenaris' seamless steel pipes for new oil and gas drilling and transportation worldwide will drive growth. Already priced in - HOLD.
BFR - Play on Argentine Bond Market - BUY - Archived 9/21/2010
BBVA Banco Frances (NYSE: BVR) is a play on a strengthening bond market in Argentina.  BUY
GGAL - Play on Consumption and M&A in Argentina - BUY - Archived 9/20/2010
GGAL is a well-run bank in Argentina which provides exposure to consumption growth and is the subject of intense M&A speculation.  BUY
BMA - Set To Benefit as Argentina Agriculture Grows - BUY - Archived 9/17/2010
BMA - Strong bank with significant exposure to the agricultural interior of the country.  BUY
Argentine Bank Review - Upside Remains - Archived 8/31/2010
Banks in Argentina are well-positioned for growth and undervalued.  There is 25% - 40% upside remaining in many of the US-listed names.
IRSA - Solid Play on Argentina - BUY - Archived 7/22/2010
IRSA presents a unique way to invest into Argentina - this review of their real estate and hotel holdings highlights their value.
LAN AIRLINES (LFL) – EARTHQUAKE HAD MINOR EFFECTS ON ASSETS & OPERATIONS; ABOVE-AVERAGE MARGINS – BUY - Archived 4/12/2010

LAN Airlines (NYSE:LFL) is the leading passenger airline in Latin America and the main cargo operator in the region. February’s earthquake in Chile had little impact on LAN’s operations and assets (only $3 million in insurance deductibles). Mix of operations between passenger (72%) and cargo (24%) enhances margins through a low breakeven load factor compared with its peers.  FY09 EBITDA margin (22.5%) is double the industry average.

TENARIS - GLOBAL TUBE SUPPLIER IS WELL POSITIONED FOR CHALLENGING TIMES AND REBOUND - 40%+ UPSIDE - BUY - Archived 4/3/2009
Tenaris SA (TS) is a leading manufacturer and supplier of tubular products and services to the world’s oil and gas industry and for industrial applications, including oil and gas pipeline project.

LAN AIRLINES SA (LFL) – LOWER FUEL PRICES AND STRONG DEMAND IN DOMESTIC MARKETS SUPPORT ITS SOLID BU - Archived 1/22/2009
Lan Airlines SA (LFL) is the leading passenger airline in Latin America and the main cargo operator in the region.
PETROBRAS (PBR) – PRE-SALT RESERVES ARE NOT PROFITABLE TO EXPLOIT AT CURRENT OIL PRICES, TOUGH ACCES - Archived 12/8/2008
Petrobras (NYSE: PBR, Bovespa: PETR3/PETR4) is the 14th largest oil company worldwide and leader in Brazil.
EDENOR SA (EDN) – CURRENT PRICES EXCESSIVELY PUNISHING THE STOCK; SIGNIFICANT UPSIDE POTENTIAL BASED - Archived 10/31/2008
Edenor SA (EDN) is the largest electricity distributor in Argentina (20% mkt share), with a well diversified client base of 2.5 mn customers, in a highly developed metropolitan area.
EMBOTELLADORA ANDINA SA (AKO-A) – GREAT DEFENSIVE PLAY GIVEN STABLE CONSUMPTION FOR SOFT DRINKS – BU - Archived 10/22/2008
Embotelladora Andina SA (AKO) is one of the largest producers of soft drinks and distributor of Coca-Cola products in regions of Chile, Brazil and Argentina.
TENARIS SA (TS) – RECENT PLUNGE CAUSES SIGNIFICANT MISS-PRICE; FUNDAMENTALS REMAIN SOLID – UPGRADE - Archived 10/10/2008
Tenaris SA (TS) is a leading manufacturer and supplier of tubular products and services to the world’s oil and gas industry, including large pipeline projects.
LAN AIRLINES SA (LFL) – RECENT OIL PRICE RETRACTION PRESENTS NEAR TERM INVESTMENT OPPORTUNITY – AFFI - Archived 9/5/2008
Leading passenger airline in Latin America and the main cargo operator in the region. Target price for LFL is $16 per ADR providing a 38% upside potential from current levels.


GRUPO FINANCIERO GALICIA (GGAL) – PURCHASE OPPORTUNITY UNDERVALUED AT CURRENT MARKET PRICES – BUY - Archived 8/29/2008
DCF valuation yields a target of US$7.50, nearly 70% over current market prices; comparable analysis also yields a positive outcome. We maintain our BUY recommendation.

BANCO MACRO (BMA) – GOOD EARNINGS GROWTH IN 2Q08, AFTER FARM CONFLICT HURT LESS THAN EXPECTED – BUY - Archived 8/27/2008
DCF valuation yields a target of US$25 per ADR. Comparable analysis also leads to the conclusion that BMA is currently undervalued.
LAN AIRLINES SA (LFL) – 2Q08 RESULTS REVEALS SUCCESSFUL FUEL POLICY DESPITE LOWER MARGINS –... - Archived 8/14/2008
LAN AIRLINES SA (LFL) – 2Q08 RESULTS REVEALS SUCCESSFUL FUEL POLICY DESPITE LOWER MARGINS – AFFIRMED BUY
TENARIS SA (TS) – FUNDAMENTALS REMAIN SOLID, BUT EARNINGS GROWTH IS ALREADY PRICED IN – DOWNGRADE... - Archived 7/25/2008
TENARIS SA (TS) – FUNDAMENTALS REMAIN SOLID, BUT EARNINGS GROWTH IS ALREADY PRICED IN – DOWNGRADE TO HOLD
CRESUD SA (CRESY) – PLAY ON WORLD COMMODITIES WITH SIGNIFICANT HIDDEN VALUE – BUY - Archived 7/18/2008
CRESUD SA (CRESY) – PLAY ON WORLD COMMODITIES WITH SIGNIFICANT HIDDEN VALUE – BUY
LAN AIRLINES SA (LFL) – SIGNIFICANT GROWTH: UNIQUE OPERATIONS, AGGRESSIVE FLEET EXPANSION PLAN – BUY - Archived 7/11/2008
LAN AIRLINES SA (LFL) – SIGNIFICANT GROWTH: UNIQUE OPERATIONS, AGGRESSIVE FLEET EXPANSION PLAN – BUY
YPF SA (YPF) – INTERESTING PLAY ON OIL AND GAS WITH SEVERAL GROWTH CATALYSTS; PAY OUT RATIO LIKELY.. - Archived 6/20/2008
YPF SA (YPF) – INTERESTING PLAY ON OIL AND GAS WITH SEVERAL GROWTH CATALYSTS; PAY OUT RATIO LIKELY TO INCREASE – BUY
GRUPO FINANCIERO GALICIA (GGAL) – INVESTMENT OPPORTUNITY WITH AGRO CONFLICT ON THE WAY TO END – BUY - Archived 6/18/2008
GRUPO FINANCIERO GALICIA (GGAL) – INVESTMENT OPPORTUNITY WITH AGRO CONFLICT ON THE WAY TO END – BUY
TELECOM ARGENTINA SA – MOBILE BUSINESS INCREASING MARGINS EVEN FURTHER; STRENGTHENING MARKET SHARES. - Archived 5/26/2008
TELECOM ARGENTINA SA – MOBILE BUSINESS INCREASING MARGINS EVEN FURTHER; STRENGTHENING MARKET SHARES WITH POSITIVE PROSPECTS – AFFIRMED BUY
EMBOTELLADORA ANDINA SA (AKO-A) – UPDATE; 1Q08 RESULTS MAINTAIN STRONG PERFORMANCE WITH INCREASING.. - Archived 5/5/2008
EMBOTELLADORA ANDINA SA (AKO-A) – UPDATE; 1Q08 RESULTS MAINTAIN STRONG PERFORMANCE WITH INCREASING OPERATING MARGINS – AFFIRMED BUY
BANCO PATAGONIA – DOWNGRADE TO HOLD: LOWER-THAN-EXPECTED EARNINGS; ABOVE-AVERAGE STOCK PRICE... - Archived 4/4/2008
BANCO PATAGONIA – DOWNGRADE TO HOLD: LOWER-THAN-EXPECTED EARNINGS; ABOVE-AVERAGE STOCK PRICE VOLATILITY; DOUBTS ON POSSIBLE M&A – HOLD
GRUPO FINANCIERO GALICIA – SOLID REVENUE GROWTH AFTER FINALIZING BANCO GALICIA’S BALANCE SHEET... - Archived 4/1/2008
GRUPO FINANCIERO GALICIA – SOLID REVENUE GROWTH AFTER FINALIZING BANCO GALICIA’S BALANCE SHEET CLEANSING – BUY
BANCO MACRO – BANK REMAINS OUR BEST PICK AMONG ARGENTINE BANKS: ABOVE-AVERAGE EXPANSION AND SOLID... - Archived 3/27/2008
BANCO MACRO – BANK REMAINS OUR BEST PICK AMONG ARGENTINE BANKS: ABOVE-AVERAGE EXPANSION AND SOLID PROFITABILITY – BUY
LAN AIRLINES SA (LFL) – STRONG OPERATING PERFORMANCE WITH A SUCCESSFUL RESTRUCTURING PROGRAM UNDER.. - Archived 3/4/2008
LAN AIRLINES SA (LFL) – STRONG OPERATING PERFORMANCE WITH A SUCCESSFUL RESTRUCTURING PROGRAM UNDER A HIGH FUEL PRICES SCENARIO – UPGRADE TO HOLD
CRESUD SA – RECENT ANNOUNCEMENT OF A SUBSCRIPTION OF COMMON SHARES PRESENTS AN INVESTMENT... - Archived 3/4/2008
CRESUD SA – RECENT ANNOUNCEMENT OF A SUBSCRIPTION OF COMMON SHARES PRESENTS AN INVESTMENT OPPORTUNITY – AFFIRMED BUY
PAMPA HOLDING SA (PAMP) – GREAT INVESTMENT OPPORTUNITY TO PLAY THE TREND ON NORMALIZATION OF ENERGY. - Archived 2/21/2008
PAMPA HOLDING SA (PAMP) – GREAT INVESTMENT OPPORTUNITY TO PLAY THE TREND ON NORMALIZATION OF ENERGY SECTOR IN ARGENTINA – AFFIRMED BUY
EMBOTELLADORA ANDINA SA (AKO-A) – INCREASING MARGINS SUPPORTED BY STRONG MARKET SHARE AND SOLID... - Archived 2/19/2008
EMBOTELLADORA ANDINA SA (AKO-A) – INCREASING MARGINS SUPPORTED BY STRONG MARKET SHARE AND SOLID FINANCIAL PROFILE – AFFIRMED BUY
TENARIS SA (TS) – NO MAJOR IMPACT IN COMPANY’S EARNINGS FROM RECENT DIVESTITURE; INCREASES CASH... - Archived 2/12/2008
TENARIS SA (TS) – NO MAJOR IMPACT IN COMPANY’S EARNINGS FROM RECENT DIVESTITURE; INCREASES CASH POSITION AND SLIGHTLY IMPROVES PROFITABILITY – BUY
EDENOR SA (EDN) – TARIFF INCREASES FOR FY08 AND FY09 ARE EXPECTED, ENHANCING ITS FINANCIAL PROFILE.. - Archived 1/18/2008
EDENOR SA (EDN) – TARIFF INCREASES FOR FY08 AND FY09 ARE EXPECTED, ENHANCING ITS FINANCIAL PROFILE AND PROFITABILITY – AFFIRMED BUY
BANCO MACRO - NEWSFLASH: BMA ANNOUNCES STOCK BUY BACK - Archived 1/9/2008
BANCO MACRO - NEWSFLASH: BMA ANNOUNCES STOCK BUY BACK
EMBOTELLADORA ANDINA SA (AKO-A) – CONSERVATIVE FINANCIAL PROFILE AND STRONG MARKET SHARE WITH... - Archived 12/20/2007
EMBOTELLADORA ANDINA SA (AKO-A) – CONSERVATIVE FINANCIAL PROFILE AND STRONG MARKET SHARE WITH POSITIVE PROSPECTS, BUT ALMOST FULLY VALUED – AFFIRMED HOLD
BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH GOOD PROSPECTS – BUY - Archived 12/20/2007
BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH GOOD PROSPECTS – BUY
BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH GOOD PROSPECTS – BUY - Archived 12/20/2007
BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH GOOD PROSPECTS – BUY
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Coverage

Arcos Dorados (ARCO) Add to my Watch List
Banco Macro Bansud (BMA) Add to my Watch List
Banco Patagonia (BPAT) Add to my Watch List
Banco Santander Río (BRIO) Add to my Watch List
BBVA Banco Frances (BFR) Add to my Watch List
Cresud SA (CRESY) Add to my Watch List
Embotelladora Andina SA (AKOa) Add to my Watch List
Empresa Distribuidora y Comercializadora Norte (EDN) Add to my Watch List
Grupo Financiero Galicia S.A. (GGAL) Add to my Watch List
IRSA SA (IRS) Add to my Watch List
LAN Airlines SA (LAN.SN) Add to my Watch List
Metrogas S.A. (MGS) Add to my Watch List
Pampa Holding SA (PAMP) Add to my Watch List
Petrobras SA (PZE) Add to my Watch List
Telecom Argentina (TEO) Add to my Watch List
Telefonica Argentina (TAR) Add to my Watch List
Tenaris SA (TS) Add to my Watch List
Transportada de Gas del Sur SA (TGS) Add to my Watch List
YPF S.A. (YPF) Add to my Watch List