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    Bruno Amarin

    Research Analyst at Goldman Sachs Group Inc.

    Bruno Amorim is an Equity Analyst at Goldman Sachs, specializing in the Industrials, Basic Materials, and Energy sectors with focused coverage on companies such as Volaris (VLRS) and Corporacion America Airports (CAAP). He has issued 275 price targets and ratings across 14 stocks, achieving an average price target met ratio of 60.67% and a potential upside of 35.9% within an average of 168 days. Amorim’s best-performing stock recommendation was on CAAP, yielding a profit within a single day, and his rating distribution includes 43.26% Buy, 45.39% Hold, and 11.35% Sell recommendations. While details on his full career timeline and formal credentials are limited, his coverage and track record demonstrate a strong analytical performance within his specialization.

    Bruno Amarin's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Bruno Amarin's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q2 2025

    Question

    Bruno Amarin of Goldman Sachs questioned Ipiranga's strategic priority as the market formalizes: whether to focus on increasing ROIC or gaining market share, and if the current ROIC meets their target.

    Answer

    An Ipiranga executive explained that their investment discipline remains unchanged, targeting a return of about 20%, and confirmed that the current ROIC is not yet at the desired level. As the market improves, they will pursue disciplined growth opportunities, expecting both margins and volumes to benefit, but only after regulatory progress is certain.

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    Bruno Amarin's questions to BRAZILIAN ELECTRIC POWER (EBR) leadership

    Bruno Amarin's questions to BRAZILIAN ELECTRIC POWER (EBR) leadership • Q2 2025

    Question

    Bruno Amarin from Goldman Sachs inquired about the expected returns on investments in reinforcements and improvements given current interest rates, and also asked about energy market liquidity for 2026, questioning if the decision not to sell more was a strategic choice or a result of market constraints.

    Answer

    Eduardo Hayama, VP of Finance and IR, explained that while short-term rate divergences can occur, the regulatory framework is robust over the long term, ensuring returns converge appropriately over a 30-year investment horizon. Rodrigo Limp, VP of Regulation, Institutional and Markets, noted that there is significant liquidity for 2026, especially in the Southeast, and the company's strategy is to balance sales with risk management, actively seeking to strengthen its sales position in the North and Northeast.

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