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    Bruno Montanari & Carolina Carneiro

    Research Analyst at Morgan Stanley

    Bruno Montanari and Carolina Carneiro are equity research analysts at Morgan Stanley, focusing on the Latin American technology, media, and telecom sectors. They cover top regional companies such as TIM, Telefônica Brasil, and América Móvil, and have earned recognition for their stock recommendations, delivering strong track records evidenced by above-average success rates and positive returns on investment calls. Montanari began his career in investment banking before moving to research, joining Morgan Stanley in the early 2010s after roles at firms like Banco Santander and Credit Suisse, while Carneiro has rapidly progressed in equities analysis at the firm. Both analysts hold relevant professional credentials, including securities licenses and FINRA registrations, and are frequently cited in regional industry rankings and investor surveys.

    Bruno Montanari & Carolina Carneiro's questions to COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) leadership

    Bruno Montanari & Carolina Carneiro's questions to COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) leadership • Q4 2024

    Question

    Bruno Montanari and Carolina Carneiro of Morgan Stanley inquired about the timing of the financial impact from terminating legacy discount contracts, asking when the full effect would be reflected in the P&L.

    Answer

    CEO Carlos Leone Piani clarified that the impact will become more material starting in the second quarter of 2025, due to varying contract termination clauses and the resolution of initial legal challenges. He projected that the full quarterly impact would be visible by the third quarter of 2025.

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