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Country:
Brazil
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real (BRL)
Riedel Research Coverage by Region
Brazil

Recent Reports

Bovespa - Solid Earnings Growth and Outlook - BUY - Archived 6/18/2013
Cost Control, Growth Drivers and Limited Competition - BUY
Qualicorp - Opportunity in Brazil Healthcare - BUY - Archived 6/12/2013
Strong growth - watch for better trends on churn and delinquency - 20%+ upside - BUY
Magazine Luiza – Affordable Retailing – BUY – TP R$12 - Archived 6/6/2013
Pure play exposure to Brazil's emerging middle class - BUY
Natura - Mgmt Meeting Highlights New Distribution Channels, Products and International Expansion - BUY - Archived 5/22/2013
Mgmt Meeting Underscored Strong Brands, Outlook and Governance - BUY
Arezzo - Asset-light Brazilian Shoe Set for Strong Growth - BUY - Archived 5/14/2013
Shoe Retailer Provides Solid Exposure to Brazil Consumer
Cosan - Brazilian Sugar Giant Builds Energy Business - BUY - Archived 5/6/2013
Cosan Sweetens the Pot With Transition to Energy
TOTVS - Business Software to Brazilian Corporates - BUY - Archived 4/9/2013
Strong LatAm IT Demand Drives Growthh - BUY Ahead of Earnings Report
ODPV - Leading Dental Insurance Co in Brazil - Solid Governance, Cash Flow and Outlook - BUY - Archived 4/8/2013
Brazil's under penetrated and highly fragmented dental insurance market set to grow
RADL - Quality Exposure to Health Care Spend in Brazil - BUY - Archived 4/8/2013
RADL - Growth driven by merger synergies and generics
AGRO - High-quality, Well-managed Play on Rising Food Costs - 50%+ Upside BUY - Archived 4/8/2013
Diversified High Growth Play in LatAm Agriculture  - Buy
TPI Triunfo Participacoes - Driven By Rising Incomes and International Growth - BUY - Archived 1/10/2013
We initiate coverage on Triunfo, a Brazil-based holding company which operates in five segments: highway concessions, port administration, cabotage (domestic ocean shipping), energy and airports.
Brazil Pharma (BPHA3.BS) - Margin Growth and Opportunity in Brazil Pharmacy Business - BUY - Archived 4/19/2012
Brazil Pharma (BPHA3.BS), operates a network of owned and franchised drugstores across Brazil, particularly focusing on the under-penetrated regional states. We initiate coverage with a BUY
Brazil Hospitality Group - 3rd Largest Hotel Group in Brazil - Significant Upside - Archived 3/16/2012
Fragmented nature of the Brazilian hotel sector combined with the strong economic backdrop provides consolidators, such as BHG, with an opportunity for growth.
International Meal Co - Quality Foods to Captive Audiences - BUY - Archived 3/5/2012
International Meal Co Holdings, IMC, operates casual restaurants across multiple brands. We initiate coverage of IMC with a fair value of R$23.00, implying a 35% upside from the current price of R$17.00.
MPLU - 4Q11 Results Highlight Solid Growth, Cash Flow and Diversification - BUY - Archived 2/16/2012
Multiplus recently released its 4Q and full year 2011 results, which in terms of headline profitability, were broadly in line with our forecasts. We are particularly encouraged by the strong cash flow generation at the firm.
DASA - Strong Cash Flow and Growth in Brazilian Healthcare - BUY - Archived 2/16/2012
Diagnosticos da America SA (DASA) is the largest medical diagnostics company in Brazil. We initiate coverage of DASA with a fair value of R$23.00, implying a 35% upside from the price of R$17.00 on 02/02/2012.
CIELO (CIEL3.SA) - Soon the Only Pure-Play in the Market - Archived 2/16/2012
We visited the investor relations team at Cielo (CIEL3.SA) in late January to hear more about the current and future industry dynamics for the merchant acquirers. This flash note provides a short commentary following the recent news regarding Itau Unibanco's plans to take Cielo's rival, Redecard private.
Brasil Foods - Feeding Investor Appetite For Growth - 40%+ Upside - Archived 2/6/2012
We visited the headquarters of Brasil Foods to hear more about the company's longer term growth expectations. Brasil Foods is a global play on increasing consumer incomes and rising consumption of proteins.
Multiplus (MPLU3.BZ) - Loyalty Points Leader in Brazil - Solid Management and Execution - BUY - Archived 1/4/2012
Domestically focused leader in the emerging loyalty points market in Brazil. Flexible business model, highly cash generative and strong balance sheet with net cash.
Fleury - A Clean Bill of Health - BUY - Archived 12/5/2011
Fleury is the second largest medical diagnostic company in Brazil, offering diagnostic, preventative and therapeutic services. Known for it quality the company is chosen by both doctors and patients - BUY
LPS Brasil (LPSB3.BZ) – Moving up the Property Ladder - BUY - Archived 11/1/2011
One of the largest real estate brokers operating in Brazil providing investors with exposure to the housing market without the margin pressure and other construction risks.
Mendes Eng (MEND6.SA) - Family-Run Engineering Co Set To Benefit From Infrastructure Growth - Limited Liquidity - Archived 5/27/2011
Brazilian Company engaged in heavy construction industry set to benefit from spending on 2014 Soccer World Cup and 2016 Olympic Games. FY10 dividend at 34%. 
Bovespa - Major Beneficiary of Growing LatAm Invesment - Archived 3/29/2011
Bovespa - the equities and derivatives exchange in Brazil - is the major beneficiary of increased domestic and international interest in investing in Latin America.
B2W - Brazil e-Commerce Faces Headwinds - Archived 3/14/2011
We believe increasing competition and margin compression will hurt B2W in the medium-term.  Recent weakness might reverse on this profitable company.
CBD - Brazilian Consumer Play in Transition - BUY - Archived 9/9/2010
CBD is undergoing a transition and needs to execute well on recent acquisitions. We believe strongly in the Brazil consumer story and consider CBD one of the best ways to play this trend.
VALE - Global Iron Ore Leader Poised for Growth - Archived 7/7/2010
The global leader in Iron ore is set to benefit from changes in pricing mechanisms and growth in demand.
CSU - Winner in Brazil Credit Card Industry Changes - BUY - Archived 6/14/2010
CSU is a small-cap company set to gain significantly from changes in the Brazilian credit card industry.  BUY.
PBR - Brazil's Oil Giant Widens Margins - Volatility Remains - BUY - Archived 5/13/2010
Petrobras (NYSE: PBR, Bovespa: PETR3/PETR4) is the 14th largest oil company worldwide and leader in Brazil.  Oil discoveries in the Santos and Campos basins could more than double Brazil’s oil reserves.  The US$ 15-25bn share sale will add value to the stock from a long-run perspective, but could dilute shareholder value in the near term. Speculation on the deal will be a source of volatility. Improvement in margins, following the partial recovery of oil prices and lower unit costs - 30% Upside - BUY.
ACUCAR GUARANI SA (ACGU3) -- GLOBAL SUGAR SHORTAGES, INCREASED CAPACITY & AN IMPRESSIVE CROP WILL SPUR GROWTH - BUY - Archived 2/19/2010
Acucar Guarani SA is a Brazil-based company mainly engaged in the cultivation of sugar cane and the production and trading of sugar, ethanol and derivatives of sugar cane

CPFL ENERGIA (CPL) -- INVESTMENT PROJECTS TO ADD 50% TO INCREASE INSTALLED CAPACITY, HIGH DIVIDEND YIELD & LIKELY SECONDARY OFFERING - BUY - Archived 2/17/2010
CPFL Energia is the largest private electricity company in Brazil.
Its distribution concession area is located in the prominent Southeast; commercialization is carried out on a nationwide scale.

BANCO SANTANDER BRASIL (BSBR) - THE SIZE OF THE IPO MAY HAVE PUT A LIMIT ON FURTHER DEMAND FOR THE STOCK - HOLD - Archived 12/3/2009
Banco Santander Brasil (NYSE: BSBR, Bovespa: SAN11) is the fourth largest bank in Brazil, after Banco do Brasil, Itaú-Unibanco & Bradesco.

PROFARMA (PFRM3.SA) – FULLY VALUED AT CURRENT PRICE; POTENTIAL ACQUISITION TARGET – HOLD - Archived 10/21/2009
Profarma (PFRM3.SA) is one of the largest wholesale distributors of pharmaceutical products in Brazil. It is run by the Birmarcker family.

ITUB - BIGGEST BANK IN LATAM'S LARGEST ECONOMY PROVIDES SOLID CONSUMER EXPOSURE - BUY - Archived 9/21/2009
Itaú Unibanco Holding (NYSE: ITUB, formerly ITU) provides a wide variety of banking and financial services in Brazil.

BRMALLS - Brazil Consumer Play - Initiate - BUY - Archived 9/3/2009
Initiation on $2 bn market cap mall developer and operator in Brazil.  Company provides attractive, diverse exposure to fast-growing Brazil retail market.
BRASIL FOODS - MERGER CREATES GLOBAL PLAYER - ANTITRUST AND DEBT ISSUES - FULLY VALUED - HOLD - Archived 8/7/2009
Brasil Foods (PDA), formerly Perdigao, is one of Brazil’s largest food companies, focused on the production of poultry, pork, beef, milk, dairy products and processed food. It exports to more than 110 countries.
AMERICAN BANKNOTE (BOVESPA:ABNB3) - SPECIALITY PRINTER POSITIONED FOR GROWTH - BUY - Archived 6/25/2009
Specialty printer of secure documents and producer of smart cards and ID systems

VISANET - PRE-IPO ANALYSIS OF MAJOR IPO IN BRAZIL THIS WEEK - CREDIT CARD EXPOSURE WITHOUT THE RISK - BUY - Archived 6/24/2009
VisaNet (Bovespa: VNET3.SA) is the main acquirer of Visa International debit and credit cards in Brazil.

It acquires merchants to accept cards and processes these transactions. Risk is mainly borne by the issuing banks and card companies.
GGB - BRAZILIAN STEEL GIANT HAS LOW COSTS AND FLEXIBLE STRUCTURE - FULLY VALUED - DOWNGRADE TO HOLD - Archived 5/29/2009
Gerdau is the largest steel producer in the Americas with an output of 19.6 million tonnes.

AMBEV (ABV) – SOUND FINANCIAL POSITION, POSITIVE GROWTH PROSPECTS AND WORLD BENCHMARK MARGINS – BUY - Archived 3/20/2009
AmBev (NYSE: ABV) is leader in the Brazilian and Latin American beverage markets, both in the beer and soft drinks segments (the latter through a partnership with PepsiCo).
BM&FBOVESPA (BVMF3) - DROP IN EQUITY PRICES HAS MORE THAN OFFSET INCREASE IN TRADED VOLUME - DOWNGRA - Archived 2/20/2009
Bovespa Holding (formerly BOVH), the Brazilian exchange for equity and equity derivatives, and BM&F (formerly BMEF3), the Brazilian futures and commodities exchange, recently integrated their activities. Synergies could save up to 25% of the combined operational expenses by 2010.
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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