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    Antonio Ruette

    Research Analyst at Bank of America

    Antonio Ruette is an Equity Research Analyst at Bank of America Merrill Lynch, specializing in the coverage of Brazilian financial institutions such as Banco ABC Brasil and Banrisul. He provides actionable insights and investment ratings, including a notable 'Sell' recommendation with a target price of BRL 10.00 for Banrisul, and is featured among primary analysts for leading banks in the region. Ruette began his career in equity research after graduating from Pontifícia Universidade Católica de São Paulo, joining Bank of America Merrill Lynch and establishing himself as a trusted expert in Latin American banking stocks. His professional credentials include expert-level financial analysis and direct client advisories, with a robust track record in sector coverage and investment publication.

    Antonio Ruette's questions to PagSeguro Digital (PAGS) leadership

    Antonio Ruette's questions to PagSeguro Digital (PAGS) leadership • Q1 2025

    Question

    Sought clarification on the TPV deceleration, specifically the impact of repricing and churn on MSMBs. Also asked for the rationale behind choosing dividends over more buybacks, and for more detail on merchant 'mortality' and which large account segments were most affected by repricing.

    Answer

    The MSMB TPV slowdown may have some impact from repricing and natural merchant mortality in a tough economy, but it is not a major concern. The dividend is a new tool used in combination with buybacks to enhance shareholder returns. The main impact of repricing was felt in the large retail segment, which is not a primary focus for the company.

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    Antonio Ruette's questions to PagSeguro Digital (PAGS) leadership • Q4 2024

    Question

    Antonio Ruette from Bank of America requested more detail on the drivers of the robust TPV growth in the LMEC segment and asked for feedback on the repricing strategy initiated in Q4 2024, including its success and impact on churn.

    Answer

    Executive Ricardo da Silva described repricing as a dynamic, ongoing process targeted at specific client clusters, noting it has continued into 2025 and that peers are also repricing. CFO Artur Schunck and Executive Alexandre Magnani attributed the 45% LMEC TPV growth to e-commerce, cross-border payments, and integrated partners, with cross-border growing fastest. Ricardo da Silva emphasized that the company prioritizes profitability over pure TPV growth.

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    Antonio Ruette's questions to Inter & Co (INTR) leadership

    Antonio Ruette's questions to Inter & Co (INTR) leadership • Q1 2024

    Question

    Antonio Ruette requested a deeper analysis of the net interest margin (NIM), asking for expectations on how the portfolio mix, repricing, and the use of excess liquidity would contribute to future performance.

    Answer

    Executive Santiago Stel reiterated the three main drivers of NIM expansion: an improving mix towards high-yield products like FGTS, home equity, and private payroll; ongoing repricing of legacy mortgage and public payroll loans; and optimizing the investment portfolio yield. He highlighted that the ultimate goal is to maximize the risk-adjusted NIM, which has been growing by approximately 20 basis points per quarter, a trend he expects to continue.

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