Industries – Financials/Nonbanks: Second

Regina Longo Sanchez,
Alexandre Spada
& team
Itaú BBA

First-place appearances: 0

Total appearances: 2

Team debut: 2012

Regina Longo Sanchez and newcomer Alexandre Spada shepherd the Itaú BBA trio up one rung to second place; Sanchez also pilots a runner-up team in Financials/Banks. The São Paulo–based analysts follow eight companies — seven in Brazil and one in Mexico — and plan to expand that universe by three this year. They are currently recommending Cetip, on the grounds that its adjusted price-to-earnings multiple is lower than its peers’. The Brazil-based outfit clears trades involving over-the-counter derivatives and fixed-income securities, and its GRV Solutions subsidiary processes and stores information on auto loans and other consumer credit transactions. “The market has overstated the threat of competition coming from BM&F Bovespa and the threat of negative structural changes in Cetip’s vehicle financing registration business,” Spada explains. “We expect multiples to expand and the earnings consensus to be adjusted upward, favoring Cetip’s future performance.” The researchers win praise for providing estimates that are “detailed and accurate,” according to one buy-sider, and for “always answering our requests fast and with good diligence.” — Leslie Kramer

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