Sign in

    Daniel Vaz • Safra Bank

    Daniel Vaz's questions to XP Inc (XP) leadership

    Daniel Vaz's questions to XP Inc (XP) leadership • Q2 2025

    Question

    Daniel Vaz of Safra National Bank noted the deterioration in B2B (IFA) channel productivity compared to the B2C channel and asked if this channel was experiencing net outflows and if the model required a significant review.

    Answer

    Chief Executive Officer Thiago Maffra acknowledged that B2B productivity had been low but stated it is now improving 'bit by bit' due to focused efforts. He denied the need for a major overhaul, describing the changes as a 'normal evolution.' He mentioned that XP recently announced new minimum service standards for the B2B channel, creating more of a 'franchisee model' to ensure consistency and improve performance, which supports their confidence in overall net new money targets.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to XP Inc (XP) leadership • Q4 2024

    Question

    Daniel Vaz asked for the underlying assumption for DCM market contraction in the 2025 revenue forecast. He also requested a breakdown of the expected growth in Corporate & Institutional, questioning how the institutional business could grow in a challenging environment for the fund industry.

    Answer

    CEO Thiago Maffra noted that Q1 is seasonally weak for DCM, which is why the company warehoused assets to ensure product availability. CFO Victor Mansur clarified that the institutional business is expected to perform similarly to last year, with growth being driven by the Corporate segment. This growth stems from cross-selling opportunities tied to DCM issuance, such as hedging, and is expected to track the issuer services revenue.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to XP Inc (XP) leadership • Q3 2024

    Question

    Daniel Vaz requested details on the 'other operating income' line, specifically regarding incentives and provision reversals, and also asked for an explanation for the sharp quarterly drop in 'equity income' from JVs and associates.

    Answer

    CEO Thiago Maffra explained that partner incentives for distribution access are recurring. He noted a specific BRL 42 million provision reversal and provided a baseline for expected credit loss. He attributed the equity income drop to reorganizations at associates and expects the line to be higher and more stable next year.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to StoneCo Ltd (STNE) leadership

    Daniel Vaz's questions to StoneCo Ltd (STNE) leadership • Q2 2025

    Question

    Daniel Vaz inquired about the drivers behind the upward revision to net income guidance, asking if it was solely top-line driven, and requested more detail on improving selling expense trends.

    Answer

    CFO & IRO Mateus Scherer Schwening attributed the stronger net income guidance to a lower-than-expected effective tax rate and better-than-anticipated operating leverage on selling expenses. Strategy & Marketing Officer Lia Machado de Matos added that selling expense leverage is due to marketing efficiencies and the natural dilution of acquisition costs as the client base scales.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to StoneCo Ltd (STNE) leadership • Q1 2025

    Question

    Daniel Vaz asked if it was fair to assume take rates would increase in Q2 due to the full impact of Q1 repricing and if further adjustments were planned. He also followed up on the cash sweep strategy, asking if the Q1 conversion had already produced a positive P&L effect.

    Answer

    VP of Finance Mateus Schwening confirmed that the full effect of repricing will be felt in Q2, creating room for improvement in the gross profit to TPV ratio. He noted that some effects from the Ton brand repricing would also appear in Q3. He reiterated that the P&L impact from the Q1 cash sweep was minimal, with most benefits expected from Q2 onwards.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to StoneCo Ltd (STNE) leadership • Q4 2024

    Question

    Daniel Vaz asked for more details on the plan to use client deposits for funding, specifically the timing and financial impact. He also inquired how close the company is to reaching an optimal ROE level where organic capital generation can fully fund both growth and shareholder returns.

    Answer

    Executive Lia de Matos explained the shift to using deposits for funding will be rolled out throughout the year and will be accretive to the bottom line, as reduced funding costs will more than offset the loss of float revenue. Executive Mateus Schwening added that the BRL 3 billion excess capital figure already accounts for the capital needed to fund the 2027 growth plan, suggesting the company has a clear view of its capital needs versus its generation capabilities.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to StoneCo Ltd (STNE) leadership • Q3 2024

    Question

    Daniel Vaz inquired about the outlook for card TPV in 2025, referencing external retail index data that suggests struggling physical retail growth. He also asked how the deteriorating macroeconomic environment in Brazil might alter the company's strategy regarding its sales force and marketing expenses in 2025.

    Answer

    Executive Lia de Matos stated that while 2025 guidance is not yet available, the current 20% TPV growth is healthy and the shift to PIX is accretive. CEO Pedro Zinner added that sales force planning is a bottoms-up process and will not change due to macro factors. He noted that the impact of the changing yield curve will be managed through dynamic pricing, with adjustments likely beginning in Q1 2025.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Inter & Co Inc (INTR) leadership

    Daniel Vaz's questions to Inter & Co Inc (INTR) leadership • Q2 2025

    Question

    Daniel Vaz asked for clarification on how Inter & Co classifies its renegotiated loan portfolio within the different risk stages and inquired about the company's overall renegotiation strategy.

    Answer

    CFO Santiago Horacio Stel explained that classification depends on the specific case. He noted that the recent growth in renegotiated loans was primarily in Stage 1 and driven by commercial amendments to performing real estate contracts, not from defaulting credit card clients. This reflects adjustments to loan conditions rather than credit deterioration.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Inter & Co Inc (INTR) leadership • Q1 2024

    Question

    Daniel Vaz asked about the key factors driving the meaningful improvement in credit penetration, questioning whether it was due to activating existing clients, specific new products, or a change in onboarding new clients.

    Answer

    Executive Santiago Stel attributed the growth in credit penetration to the company's overarching 'Inter By Design' strategy. He explained that it is a deliberate process where clients are onboarded, build a behavioral history on the platform, and are then offered credit products. The expansion of specific products like FGTS loans and the new private payroll loans are key contributors to this 'by design' growth, which is expected to continue.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Itau Unibanco Holding SA (ITUB) leadership

    Daniel Vaz's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2025

    Question

    Daniel Vaz from Safra Bank inquired about Itaú's strategy for its acquiring business, Rede, asking how the bank is gaining market share and achieving a more competitive and directed offering for clients.

    Answer

    President & CEO Milton Maluhy Filho explained that market share is a consequence, not a primary objective. He stated that the Rede network is fully integrated into the bank's holistic client strategy, focusing on the overall relationship and value creation, such as share of payments, rather than pursuing volume through potentially negative-margin deals.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Itau Unibanco Holding SA (ITUB) leadership • Q1 2025

    Question

    Daniel Vaz of Safra Bank inquired about Itaú's growth strategy, its competitive stance against new entrants in mass-market segments, and whether the bank would adopt a more aggressive position given its asset quality and capital generation.

    Answer

    CEO Milton Maluhy Filho stated that the bank remains optimistic but cautious due to high interest rates affecting credit demand. He emphasized a strategy of disciplined, double-digit growth in target client segments where Itaú has gained market share. He highlighted that the seamless integration of the acquiring network (Rede) has created significant synergies, allowing for a more holistic client offering rather than a mono-product approach.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Itau Unibanco Holding SA (ITUB) leadership • Q4 2024

    Question

    Daniel Vaz from Credit Suisse Group AG questioned the 2025 expense guidance, which implies a potential worsening of the efficiency ratio, and asked for details on the key drivers behind the cost growth.

    Answer

    CEO Milton Maluhy Filho explained that the expense growth is driven by three main factors: increased profit sharing due to strong results, a year-over-year effect from improved labor provisions, and depreciation from significant technology and platform modernization investments made since 2021. He emphasized that this investment phase is crucial for enabling future efficiency gains and value capture.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Daniel Vaz asked about the acquiring business's growth and market share strategy, and separately, about the recent hiring of 700 technology employees and the specific focus of these new roles.

    Answer

    CEO Milton Maluhy Filho responded that for acquiring, market share is a consequence, not a goal; the focus is on client-centricity and integrating payments into a full banking relationship. Regarding the tech hires, he explained that about 90% are focused on the individual client segment to accelerate digital projects, enhance the super app, and improve the overall client experience and NPS.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Banco Santander Brasil SA (BSBR) leadership

    Daniel Vaz's questions to Banco Santander Brasil SA (BSBR) leadership • Q2 2025

    Question

    Daniel Vaz of Banco Safra asked about the bank's level of concern regarding the SME portfolio, noting an increase in delinquency and a challenging macroeconomic environment for these businesses.

    Answer

    CEO Mario Roberto Opice Leão affirmed the bank's continued belief in the SME segment as a significant growth opportunity. He explained that while the macro environment necessitates caution, the SME portfolio is highly profitable, largely self-funded by deposits, and the strategy focuses on growing with strong transactionality and guarantees, not just credit extension. He stated the direction for the business will not change, though caution will be applied at the margin.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Banco Bradesco SA (BBD) leadership

    Daniel Vaz's questions to Banco Bradesco SA (BBD) leadership • Q1 2025

    Question

    Daniel Vaz inquired about Bradesco's strategy for private payroll deductible loans, given its large market share in the traditional public segment and potential market changes like portability.

    Answer

    Executive Marcelo de Noronha stated that Bradesco sees a significant growth opportunity in private payroll deductible loans, where its share is currently low. He explained that the bank is shifting from a defensive to a more aggressive strategy. He also highlighted the need for robust credit models, noting that the market delinquency for private payroll loans is substantially higher than for public ones.

    Ask Fintool Equity Research AI

    Daniel Vaz's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Daniel Vaz of Safra Bank inquired about the bank's accelerated reduction of its physical footprint, noting that the client base continued to grow. He asked about the key learnings from the client migration process and whether the current pace of branch adjustments would be maintained or moderated.

    Answer

    Executive Marcelo de Noronha confirmed the pace of footprint optimization will continue due to its success, emphasizing that the process is managed with great discipline and intelligence to minimize client impact. CFO/CTO Cassiano Scarpelli added that a key lesson was preserving 'client principality' and that future service points will be redesigned for higher productivity, moving away from the traditional branch model.

    Ask Fintool Equity Research AI