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    Caio Araujo

    Research Analyst at BTG Pactual

    Caio Araújo is an equity analyst specializing in coverage of Brazilian real estate and financial sectors, currently working at Empiricus Research rather than BTG Pactual. He regularly analyzes and provides investment recommendations for companies such as BC Office Fund, JHSF, and other major real estate investment vehicles in Brazil. With a strong track record including broad visibility on platforms like BC Fund and JHSF investor relations, Caio is recognized for his detailed fundamental analysis, though specific quantifiable performance metrics and success rates are not publicly disclosed. He began his analyst career at Empiricus Research and has developed recognized expertise in Brazilian equities, but verifiable licensing and formal investment credential details have not been published.

    Caio Araujo's questions to AGRO3.SA leadership

    Caio Araujo's questions to AGRO3.SA leadership • Q3 2024

    Question

    Caio Araujo of BTG Pactual questioned the company's current debt level, asking if it is expected to remain the same in the coming years and what impact this could have on dividend distributions.

    Answer

    Executive André Guillaumon addressed this by stating that while the absolute debt figure may seem high, the company's net debt is actually negative when accounting for receivables from farm sales. He noted the BRL 210 million net result from the Chaparral sale will be booked in the next quarter. Executive Gustavo Lopez added that the capital structure is manageable, with a target leverage of around 30% of the portfolio value, and that long-term debt is tied to specific high-return projects like irrigation, ensuring leverage does not compromise their real estate strategy.

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    Caio Araujo's questions to AGRO3.SA leadership • Q3 2024

    Question

    Caio Araujo of BTG Pactual questioned if the company's current debt level would be sustained in the future and what the potential impact on dividend distributions might be.

    Answer

    Executives André Guillaumon and Gustavo Lopez addressed the debt structure. Guillaumon emphasized that the company's net debt is negative when accounting for receivables from farm sales, including an upcoming BRL 210 million from the Chaparral transaction. Lopez added that the capital structure is manageable, with leverage targets well within covenants, and that debt is used strategically for short-term working capital and long-term, EBITDA-accretive projects like irrigation. They conveyed that the healthy debt position is essential for their real estate strategy and is not expected to compromise shareholder returns.

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