Sign in

    Daer Labarta • Goldman Sachs

    Daer Labarta's questions to Itau Unibanco Holding SA (ITUB) leadership

    Daer Labarta's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Daer Labarta from Goldman Sachs questioned the outlook for the financial margin with clients, noting its strong performance and asking about potential upside to the guidance, especially considering the interest rate environment.

    Answer

    CEO Milton Maluhy Filho expressed a positive view, stating that while the current guidance remains the best estimate, he believes the bank is positioned to deliver results closer to the top of the range for the financial margin with clients. He attributed the strength to the positive evolution of the average loan portfolio balance and effective management of interest rate impacts on both assets and liabilities.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to StoneCo Ltd (STNE) leadership

    Daer Labarta's questions to StoneCo Ltd (STNE) leadership • Q1 2025

    Question

    Daer Labarta inquired about the outlook for Total Payment Volume (TPV) growth, distinguishing between card and PIX transactions, and also asked for details on the negotiations with Totvs for the sale of Linx, including the potential use of proceeds. He followed up on the extent of PIX's cannibalization of debit versus credit volumes.

    Answer

    Executive Lia de Matos explained that TPV growth deceleration is expected and aligns with long-term guidance. She noted that recent repricing efforts would have a modest short-term impact and that PIX continues to cannibalize debit volumes, which is accretive. CEO Pedro Zinner confirmed an exclusivity agreement with Totvs for the Linx sale but could not provide a timeline, stating proceeds would likely be used for share buybacks, which are seen as value accretive.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to StoneCo Ltd (STNE) leadership • Q3 2024

    Question

    Daer Labarta asked about the evolution of Total Payment Volume (TPV), specifically the dynamic between card TPV and the rapidly growing PIX QR code volume, and its subsequent impact on the take rate. He also questioned the rationale behind near-zero credit provisioning for the quarter, given the strong loan portfolio growth and rising 90-day NPLs.

    Answer

    Lia de Matos, an executive, explained that PIX growth is cannibalizing debit volumes, a trend that is economically accretive and expected to continue. Executive Mateus Schwening addressed the provisioning question, stating that the company is converging its provision levels from an initial, conservative 20% of the portfolio towards the expected credit loss model of around 10%. This adjustment of 'excess' provisions resulted in the low expense for the quarter.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Banco Bradesco SA (BBD) leadership

    Daer Labarta's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Daer Labarta asked about the financial contribution from the recently acquired John Deere Bank in the first quarter, specifically its impact on the loan book and client NII, and what the expectations are for its future profitability.

    Answer

    An executive stated that while the John Deere Bank acquisition added BRL 17.3 billion to the loan portfolio, its contribution to Q1 net income was 'immaterial' and 'very close to zero'. He emphasized that the acquisition's value is currently strategic, strengthening Bradesco's position in the resilient agribusiness sector. The immediate focus is on operational integration, with any significant financial contribution expected much further in the future.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Dlocal Ltd (DLO) leadership

    Daer Labarta's questions to Dlocal Ltd (DLO) leadership • Q4 2024

    Question

    Daer Labarta asked how foreign exchange (FX) volatility is incorporated into the 2025 guidance and requested insights into the long-term growth outlook, particularly concerning wallet share with existing merchants.

    Answer

    Executive Pedro Arnt explained that the guidance is built on a largely FX-neutral basis, assuming steady rates from year-end 2024. He emphasized that the long-term growth opportunity remains immense due to the digitalization of emerging markets and dLocal's ability to gain wallet share from merchants who are still using less efficient international acquiring methods, especially in newer frontier markets.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Banco de Chile (BCH) leadership

    Daer Labarta's questions to Banco de Chile (BCH) leadership • Q4 2024

    Question

    Daer Labarta questioned the bank's 18% return on average capital (ROE) guidance for 2025, suggesting it might be conservative compared to peers. He also asked about capital management, specifically if the bank would consider a dividend payout ratio above 80% given its very strong capital base.

    Answer

    Executive Pablo Ricci explained that the 18% ROE guidance is based on conservative macroeconomic assumptions and a 60% payout ratio, acknowledging it has upside risk. Executive Daniel Ignacio Galarce Toro added that the strong capital base is intentionally maintained to support future loan growth as the economy recovers and to prepare for the final stages of Basel III implementation.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Banco de Chile (BCH) leadership • Q2 2024

    Question

    Daer Labarta asked for the bank's loan growth expectations for the following year, including which segments would drive improvement. He also questioned the efficiency guidance, seeking clarification on why expenses might grow faster than income in the second half of the year.

    Answer

    Executive Pablo Ricci clarified that the 5.5% loan growth is an industry forecast and Banco de Chile aims to perform slightly better, with growth driven by mortgages and consumer loans. He noted commercial lending remains weaker. For the medium term, he cited a loan-to-GDP elasticity of around 1.5x. On efficiency, Ricci corrected the premise, stating the bank expects flattish year-over-year operating expense growth, not an acceleration, due to various optimization projects. This cost control is expected to help achieve the full-year efficiency ratio target of around 37%.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Inter & Co Inc (INTR) leadership

    Daer Labarta's questions to Inter & Co Inc (INTR) leadership • Q3 2024

    Question

    Daer Labarta inquired about the impact of the Inter Pag acquisition on future expense growth, operating leverage, and the timeline for achieving the 30% efficiency ratio target. He also asked for guidance on the company's tax rate going forward.

    Answer

    Santiago Stel, an executive, explained that the efficiency ratio is already ahead of the company's 60/30/30 plan, with future improvements expected to come primarily from revenue growth. He noted that Inter Pag currently has an efficiency ratio over 100% but presents significant optimization potential. Regarding the tax rate, Stel stated that the company expects to operate at a rate of around 20% on a yearly cumulative basis, benefiting from recent tax-efficient restructuring.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Daer Labarta questioned the path to achieving the 30% long-term efficiency ratio target, asking for the key drivers of improvement and a breakdown of future expense pressures and areas for operating leverage.

    Answer

    Executive Santiago Stel stated that efficiency improvements will primarily stem from revenue growing faster than expenses, targeting a 1.5 to 2 percentage point improvement per quarter. He detailed that while one-third of expenses (personnel) has high leverage potential, the other two-thirds (tech, suppliers) are more variable, but the company is actively working on contracts and leveraging AI to control these costs and enhance both cost efficiency and revenue generation.

    Ask Fintool Equity Research AI

    Daer Labarta's questions to Nu Holdings Ltd (NU) leadership

    Daer Labarta's questions to Nu Holdings Ltd (NU) leadership • Q3 2024

    Question

    Daer Labarta questioned the intentional slowdown in PIX financing eligibility, asking if it stemmed from asset quality concerns. He also asked about the potential for reducing deposit remuneration in Mexico and the outlook for loan growth there.

    Answer

    CFO Guilherme Marques do Lago stated the PIX financing slowdown is a temporary, tactical pause to monitor cohort performance, not a sign of concern, and growth will likely resume. Regarding Mexico, he confirmed deposit rates have already been reduced from 15% to 12.5% and may be lowered further, but the main NIM driver will be asset growth. He expressed strong confidence in accelerating loan book growth in Mexico, citing good performance.

    Ask Fintool Equity Research AI