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Brazil
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Brazil

Recent Reports

Smiles/Multiplus - Sharp Sell-off Provides Opportunity in Loyalty Sector in Brazil - SMLE3 our Preferred Play 10/27/2015

Shares of loyalty program companies Smile and Multiplus have sold-off dramatically in recent months for market, currency and company reasons.  We believe the selling is overdone.

BM&F Bovespa - Mgmt Discussions Focus on Possible Market Improvement - Archived 12/4/2014

BM&F Bovespa - Tough Market but CFLO Growth, Stock Buy-backs and Potential for High Margin Recovery - BUY

Valid - Mgmt Discussions Highlight Higher Margin and International Growth - BUY - Archived 12/4/2014

Valid - Brazilian Card Company Goes Global - BUY

Alpargatas - Global Footwear Play Will See Higher Margins as Production Costs Fall - Archived 11/19/2014

Alpargatas - Bad News is Priced In and Margins are Set to Expand - BUY

BB Seguridade - Shares Outperform on Announcement of Solid Fundamentals - Archived 11/5/2014

BB Seguridade (BBSE3.BS): 3Q14 Results – Growth Continues – Target R$39/share

CRUZ - Tobacco In Brazil Offers 5% DivYld and Solid Defensive Play - 25%+ Upside - BUY - Archived 11/4/2014

CRUZ - Only Listed Tobacco Play in Brazil Offers Strong CFLO and DivYld - BUY

WEG - Global Power in Energy Value Chain - BUY - Archived 10/29/2014

WEG - Brazilian Engine Co Now a Global Player - BUY

CVC - Play on Discretionary Travel in Brazil - Expansion and Widening Margins - BUY - Archived 10/16/2014

CVC - Brazil Travel Agency - Strong Secular Trends - Undervalued with 25%+ Upside - BUY

BRIN - Brazil Insurance Co Has 50% Upside As Experienced CEO Launches Turnaround - BUY - Archived 9/29/2014

Brasil Insurance (BRIN3) - Expect Turnaround to Boost Cash Flow and Share Price After Recent Weakness - BUY

SLCE3 - Value Play on Brazil Agri-business - Focus on CFLO Growth - 50% Upside - BUY - Archived 9/23/2014

SLCE3 - Global Glut Forces Focus on Efficiency - Cashflow Set to Boom - BUY

PSSA - Leader in Insurance in Brazil Provides 6%+ DivYield and Strong Growth - BUY - Archived 9/15/2014

PSSA - Important Catalysts to Drive Shares Higher - BUY

Smiles - Possibly the Best Play on Travel in Emerging Markets - BUY - Archived 8/21/2014

Smiles - Brazilian Loyalty Points Co Shows Strong Growth and Upside - BUY

Mills - Preferred Brazil Infrastructure Play to Strengthen After Weak 1H14 - BUY - Archived 8/11/2014

Update on Mills Following Weak 1H14 - BUY

VAGR3 - New Management Starts to Improve Promising Brazil Farm Co. - HOLD - Archived 7/25/2014

VAGR3 - Brazil Farm Play in Midst of a Turnaround - HOLD

Natura - Mgmt Meeting - Growth Driven By International and New Products - Buy Ahead of Earnings this Week - Archived 7/21/2014

Natura - Growth in Brazil and Beyond Stronger than Market Expectations - BUY

Natura - Mgmt Meeting - Growth Driven By International and New Products - Archived 7/21/2014

Natura - Growth in Brazil and Beyond Stronger than Market Expectations - BUY

BVMF3.SA - Management Meeting Highlights Solid Trends in Brazil Markets - Archived 7/15/2014

Bovespa - Market and Volume Trends in Brazilian Markets - BUY

SHOW3.BS - Major Concert and Event Promoter in Brazil Set to Surprise the Market - 70% Upside - BUY - Archived 6/10/2014
Brazil/LatAm Event Promoter in Turn Around to Rising Margins and Higher Estimates - BUY
WSON - Brazil Port Operator Sees Strong Growth as Trade Expands - 30% Upside - BUY - Archived 5/20/2014
WSON - Strong Trade Volumes Drive Growth and Margins for Brazil Port Logistics Co - BUY
BBSE - Unique Blue-chip Exposure to Growing Insurance Market in Brazil - Fully Valued - HOLD - Archived 5/1/2014
BBSE - Well-positioned and Managed Insurance Play in Brazil - Fully Valued - HOLD
Grendene – Brazil Footwear Co – Net Cash and Solid Growth – 8X P/E – 30% Upside - Archived 4/4/2014
Grendene – Mass Market Footwear Co with Strong Growth and CFLO - BUY

Brazil Foods - High-quality Global Player Deserves Premium to Local Companies - Archived 3/25/2014
Brazil Foods - Business Shift to Higher Margin Products - BUY

Natura - Market Misunderstands Cosmetic Market Competition and Under-appreciates Margin Catalysts - BUY - Archived 3/10/2014
Natura - Shares Suffer from Growing Competition - Negative News Prices In - BUY
Marisa - Oversold Brazil Retailer with Medium-term Catalysts - Shares Could Double - BUY - Archived 2/18/2014
Marisa - Brazil Retailer Set to Benefit from Restructuring Stores and Logistics - Significant Upside - BUY
Hering - Store Visits Highlight Growing Competition in Brazilian Retail - Upside Remains - BUY - Archived 2/10/2014
Hering - Stoe Visits and Competitive Outlook - Focus on New Children's Format Could Boost Growth - BUY
Minerva - $1.6bn Mkt Cap Brazil Beef Co - Staying Focused Pays Off - 80% Upside - BUY - Archived 1/17/2014
Minerva - Staying Focused on Beef Pays Off - Most Attractive Play in EM Food - BUY
Mills - Brazil Infrastructure Play - Improving Visibility and Multiple Expansion - 40% Upside - BUY - Archived 1/7/2014
Mills - Brazil Construction Equipment and Infrastructure Company Well-Positioned for Growth - BUY
Copasa - Brazil Utility Provides Earnings Stability and Upside - Archived 10/14/2013
COPASA -Water and Sewage Utility in State of Minas Gerais Provides Earnings Certainty and Upside
Saravia - Leading Bookseller in Brazil - 7x P/E - 60%+ Upside - Archived 9/16/2013
Leading Retail and Publishing Group in Brazil - Overlooked and Undervalued - BUY
ITUB - Mgmt Visit Highlights Ongoing Improvement to Loan Book and Positive Outlook Longer-term - BUY - Archived 9/2/2013
Solid Bank Provides Quality Exposure to Brazil Longer-Term
Marfrig - High Quality Brazilian Meat Processor Significantly Undervalued - 50%+ Upside - BUY - Archived 8/29/2013
Divestiture Helps Focus on Upside
Arezzo - Market Overreaction to Results Provides Buying Opportunity - Archived 8/19/2013
Brazil Retailer Suffers in Market Overreaction to Results
TOTVS - LatAm IT Co Posts Strong 1H13 - Limited Visibility on 2H - BUY - Archived 8/9/2013
Solid 2Q Earning In Line With Expectations - BUY
LEVE3 - Strong 2Q Results - 6% DivYld - Raising Target Price - BUY - Archived 8/9/2013
Brazil Auto Parts Co. Posts Strong Results - BUY
JHSF - Focus on High-end Brazilian Real Estate is Paying Off - BUY - 50% Upside - Archived 8/7/2013
Building Recurring Revenue In High-End Real Estate in Brazil - BUY
Brookfield - Brazil Real Estate Company Trades at 0.3x P/NAV - Cash Flow Positive in 4Q13 - BUY - Archived 7/30/2013
Undervalued Turnaround Story in Brazil Real Estate - BUY
LEVE3 - High-quality Auto Parts Company in Brazil - 6% DivYld - BUY - Archived 7/29/2013
German Efficiency in Brazilian Auto Parts - BUY
VALID - Card Company in Brazil Provides Secular Growth - Shares Oversold - 3% DivYld and 35%+ Upside - Archived 7/16/2013
Expansion to U.S. and Growth in Brazil Provide Upside - BUY
JBS - Acquisitions Concern Market - Building Value Longer-term - BUY +60% Upside - Archived 7/9/2013
JBS - Brazil Meat Processor Focuses on Long-term Growth - Patient Investors Will Be Rewarded - BUY
Brazil Utility Provides Earnings Security - 10% DivYld - BUY - Archived 7/8/2013
Taesa - Brazil Electricity Transmission - Solid Earnings - BUY
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Coverage

Acucar Guarani SA (ACGU3) Add to my Watch List
Adecoagro SA (AGRO) Add to my Watch List
ALL - America Latina Logistica (ALLL4) Add to my Watch List
Alpargatas (ALPA4.BS) Add to my Watch List
American Banknote (ABNB3) Add to my Watch List
Aracruz Cellulose S.A. (ARA) Add to my Watch List
Arezzo Industria e Comercio SA (ARZZ3.BS) Add to my Watch List
B2w Companhia Global Do Varejo (B2W) (BTOW3.SA) Add to my Watch List
Banco Bradesco (BBD) Add to my Watch List
Banco Santander Brasil (BSBR) Add to my Watch List
BB Seguridade (BBSE3.BS) Add to my Watch List
BHG SA Brazil Hospitality Group (BHGR3.SA) Add to my Watch List
BM&F Bovespa (BVMF3.SA) Add to my Watch List
Bovespa Holding (BOVH3) Add to my Watch List
Brasil Foods (PDA) Add to my Watch List
Brasil Insurance (BRIN3) Add to my Watch List
Brasil Telecom Participacoes (BRP) Add to my Watch List
BrasilAgro (AGRO3) Add to my Watch List
Braskem SA (BAK) Add to my Watch List
Brazil Foods (BRFS3.BS) Add to my Watch List
Brazil Pharma SA (BPHA3.SA) Add to my Watch List
BRMALLS (BRML3.SA) Add to my Watch List
Brookfield Incorporacoes SA (BISA3.SA) Add to my Watch List
Cielo SA (ciel3.sa) Add to my Watch List
Companhia Brasileira de Distribuicao (CBD) Add to my Watch List
Companhia de Bebias das Americas (ABV) Add to my Watch List
Companhia de Saneamento Basico do Estado de Sao Paulo (SBS) Add to my Watch List
Companhia Siderúrgica Nacional (SID) Add to my Watch List
Companhia Vale Do Rio Doce (VALE) Add to my Watch List
Copasa (CSMG3.BZ) Add to my Watch List
Cosan SA Industria e Comercio (CZZ) Add to my Watch List
CPFL Energia (CPL) Add to my Watch List
CSU Card System (CARD3.SA) Add to my Watch List
CVC (CVCB3.BS) Add to my Watch List
Cyrela Brazil Realty (CYRE3) Add to my Watch List
Diagnosticos da America SA (DASA3.SA) Add to my Watch List
EMBRAER - Empresa Brasileira de Aeronautica S.A. (ERJ) Add to my Watch List
Embratel Participacoes (EMT) Add to my Watch List
Fleury (FLRY3.BZ) Add to my Watch List
Gafisa (GFA) Add to my Watch List
Gerdau S.A. (GGB) Add to my Watch List
Globex Utilidades (GLOB4) Add to my Watch List
Gol Linhas Aéreas Inteligentes S.A. (GOL) Add to my Watch List
Grendene (GRND3.BS) Add to my Watch List
Hering (HGTX3.BS) Add to my Watch List
International Meal Company Holdings SA (IMCH3.SA) Add to my Watch List
Itaú Holding (ITU) Add to my Watch List
JBS SA (jbss3.sa) Add to my Watch List
JHSF Participacoes SA (JHSF3.SA) Add to my Watch List
LPS Brasil (LPSB3.BZ) Add to my Watch List
Magazine Luiza SA (MGLU3.SA) Add to my Watch List
Mahle Metal Leve (LEVE3.BS) Add to my Watch List
Marfrig Alimentos SA (MRFG3.SA) Add to my Watch List
Marisa (AMA3.BS) Add to my Watch List
Mendes Júnior Engenharia (MEND6) Add to my Watch List
MercadoLibre (MELI) Add to my Watch List
MILLS (MLS3.BS) Add to my Watch List
Mills (MILS3.BS) Add to my Watch List
Minerva (BEEF3.BS) Add to my Watch List
Multiplus (MPLU3.BZ) Add to my Watch List
NATURA (NATU3.BS) Add to my Watch List
Natura Cosmeticos SA (NATU3.SA) Add to my Watch List
Net Servicos de Comunicacao (NETC) Add to my Watch List
Odontoprev SA (ODPV3.SA) Add to my Watch List
Perdigão (PDA) Add to my Watch List
Petrobras (PBR) Add to my Watch List
Porto Seguro (PSSA3) Add to my Watch List
Profarma Distribuidora de Produtos Farmaceuticos (PFRM3.SA) Add to my Watch List
Qualicorp SA (QUAL3.SA) Add to my Watch List
Raia Drogasil SA (RADL3.SA) Add to my Watch List
Redecard (RDCD3) Add to my Watch List
Sadia (SDA) Add to my Watch List
Saraiva (SLED4.SA) Add to my Watch List
SLC Agricola (SLCE3) Add to my Watch List
SLC Agrícola (SLCE3) Add to my Watch List
Smiles (SMLE3) Add to my Watch List
Souza Cruz (CRUZ3) Add to my Watch List
TAM S.A. (TAM) Add to my Watch List
Tele Centro Oeste (TRO) Add to my Watch List
Tele Norte Leste Participacoes (TNE) Add to my Watch List
Telesp Celular Participacoes S.A. (TCP) Add to my Watch List
TIM Participacoes (TSU) Add to my Watch List
Time for Fun (SHOW3.BS) Add to my Watch List
Totvs SA (TOTS.BS) Add to my Watch List
TPI Triunfo Participacoes e Investimentos SA (TPIS3.SA) Add to my Watch List
Transmissora Alianca de Energia Eletrica SA (TAEE11.SA) Add to my Watch List
Unibanco (UBB) Add to my Watch List
Usinas Siderurgicas de Minas Gerais S.A. (USIM5) Add to my Watch List
Valid (VLID3.SA) Add to my Watch List
Vanguarda Agro (VAGR3) Add to my Watch List
VisaNet (VNET3.SA) Add to my Watch List
Vivo Participacoes (VIV) Add to my Watch List
Votorantim Celulose e Papel S.A. (VCP) Add to my Watch List
WEG (WEGE3.BS) Add to my Watch List
Wilson Sons (WSON33.BS) Add to my Watch List