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    Alexandre Namioka

    sell-side Equity Analyst at Morgan Stanley

    Alexandre Namioka is a sell-side Equity Analyst at Morgan Stanley, specializing in Latin American retail and consumer sectors with active coverage of companies such as Falabella, Assaí, Despegar, and Vivara. He is known for making actionable investment recommendations, including recent Buy ratings on Vivara and setting target prices, and his client interactions highlight proficiency in fundamental and financial analysis. With a career at Morgan Stanley spanning several years, he has regularly participated in major Latin American earnings calls and is recognized for his analytical rigor and sector insight. Namioka holds credentials as a broker-dealer representative and is registered with relevant financial regulatory authorities, demonstrating his professional expertise and compliance.

    Alexandre Namioka's questions to DESP leadership

    Alexandre Namioka's questions to DESP leadership • Q4 2023

    Question

    Requested more detail on the drivers of strong Q4 margin expansion by country and sought more granularity on the sources of guided margin expansion and top-line growth for 2024.

    Answer

    Margin expansion was strong across all regions, driven by efficiencies in cost of revenue, tech, G&A, and S&M, a trend expected to continue. The 2024 top-line growth guidance assumes outperforming a market growing at ~10%, with no M&A factored in. Margin expansion will come from operating leverage across all line items above EBITDA.

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