Nubank reported a $45mn net loss vs. the company-provided consensus of a $77mn loss. Similar NPL rises to the incumbent consumer segment, but without payroll and mortgage to smooth the hit.…
Since Thursday, the market has been speculating that BTG Pactual and Stone would be negotiating an M&A — actually, BTG Pactual would be the buyer. Stone's gossip began in Dec of 2021 when the company hired JP Morgan to assess strategic options.…
VTEX is an exciting firm. Even though most investors believe that SaaS companies offer similar products, the architecture they’re built upon plays with an impressive relevance in the product design.…
After XP Inc. (XP) and BTG Pactual (BPAC11-BS) released their earnings, I’ve been thinking about the financial advising industry in Brazil and would like to tease my readers about a question I’ve been asking myself about XP.…
After a solid start to the year and the recent sell-off, Brazilian stocks tumbled 10%, while the EWZ stumbled 14% in April — ended the month +16% YTD, though.…
The week's most significant event was the FOMC decision to increase the Fed Funds Rate (“FFR”) by 50bps. Also, Powell said that 50bp increases in the FFR should be on the table at the next couple of meetings.…
We believe this allowed newcomers and new products to emerge and threaten markets that — theoretically — were operating in a perfect competition environment.…
If this quarter had a name, it would be MercadoPago. Yeah, I get it. You take Meli as an eCommerce company focused on growing its GMV. That’s simply not true.…
Adjusted EBITDA for the quarter came at R$199mn (+150% YoY). After adjusting for a one-off of R$11mn (goodwill from Areia Branca), adj. Ebitda was R$209mn, a touch above our expectations.…
We were surprised by Cielo’s earnings, which was the 6th beat in a row to market consensus. In addition, Consolidated Net Income reached R$ 184.6mn in 1Q22 (+10% above Street), +35.9% YoY, due to excellent well cost control.…
XP reported weaker-than-expected 1Q22 results after the market close. A softer quarter was already expected after KPIs were published on Apr 13th, but the numbers were disappointing.…
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