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    Bruno Montadari

    Research Analyst at Morgan Stanley

    Bruno Montanari is an Executive Director in Equity Research at Morgan Stanley, based in New York, focusing on in-depth analysis of specific companies within his coverage universe. He previously served as a Senior Credit Analyst and has demonstrated strong expertise in his field, though publicly available data on his recent company coverage and performance metrics such as analyst ranking or returns is not accessible. Montanari's professional journey reflects a transition from senior credit roles to leading equity research, marking a trajectory of continued growth and responsibility since he joined Morgan Stanley. His credentials likely include FINRA registration and securities licenses required for research roles at top investment firms, underlining his professional qualifications.

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

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

    Question

    Bruno Montadari from Morgan Stanley asked about Ultracargo's mid-to-long-term expansion prospects and Ultrapar's capital allocation priorities—new business versus dividends—once its target leverage is reached.

    Answer

    Ultracargo CEO Fulvio Stomelli detailed ongoing expansions at Palmerante, Santos, and Rondonópolis, expecting them to reach mature EBITDA per cubic meter levels by 2026. CEO Rodrigo Pesinado stated that upon reaching target leverage, the company will weigh expanding existing businesses against entering new ones, based on risk-adjusted returns. If no suitable projects exist, dividend payouts will be increased.

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