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The 2014 All-Brazil Research Team: Capital Goods, No. 3: Renata Faber

Renata Faber Itaú BBA First-place appearances: 1

Total appearances: 5

Team debut: 2010

Down two positions on this roster to land at No. 3 is Renata Faber of Itaú BBA. Even so, the São Paulo–based analyst is “honest and forthright — and our conversations are always interesting,” declares one loyalist. In February, Faber reiterated her outperform rating on Randon, an auto parts and road equipment supplier headquartered in Rio Grande do Sul, noting that “roughly 90 percent of Randon’s revenue is related to trucks in Brazil.” She predicted that a 6 percent year-over-year rise in local truck sales would more than offset a projected 2.5 percent decrease in annual truck production, but that was too optimistic. By late June the shares had lagged the sector by 24.2 percentage points, plunging 11.4 percent, to 6.28 reais, and she revised her truck-production forecast downward, to a yearly decrease of 16 percent. Faber still considers Randon a bargain and has assigned the stock a target price of 8.50 reais.


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