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    Daniela Bretthauer

    Managing Director and Senior Equity Analyst at HSBC

    Daniela Bretthauer is a Managing Director and Senior Equity Analyst at HSBC, specializing in Latin American consumer sectors with a particular emphasis on retail, food & beverage, and e-commerce companies. She covers major firms such as Walmart Mexico, FEMSA, Grupo Bimbo, and MercadoLibre, and has consistently ranked as a top analyst for Latin America, earning repeated recognition in Institutional Investor surveys. Bretthauer joined HSBC in 2011 following senior research roles at JPMorgan and UBS, and has built more than two decades of experience in equity analysis since beginning her career in the late 1990s. She holds multiple securities licenses including FINRA Series 7 and 63, and is noted for her strong stock picking performance, maintaining an average TipRanks success rate above 60% and delivering solid annualized returns to clients.

    Daniela Bretthauer's questions to BBB FOODS (TBBB) leadership

    Daniela Bretthauer's questions to BBB FOODS (TBBB) leadership • Q4 2024

    Question

    Daniela Bretthauer of HSBC Holdings plc asked about the optimal level of expenses as a percentage of sales, noting that operating leverage is not being maximized due to growth investments. She also sought clarification on the amounts of one-off expenses in selling and G&A. In a follow-up, she asked for guidance on the effective tax rate for modeling purposes and the nature of the foreign exchange impact.

    Answer

    CFO Eduardo Pizzuto clarified the one-off expense figures and explained that expenses are viewed in two buckets. Selling expenses are expected to continue decreasing as a percentage of sales due to scale and efficiency. Admin expenses, however, will continue to see investment in talent to support growth in 2025, though they are expected to trend down as a percentage of sales over the long term. For the tax rate, he advised stripping out non-Mexican level expenses (like ESOPs and FX) and applying a 30% rate to Mexican operating profits. The positive FX impact was due to U.S. dollar holdings from the IPO.

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    Daniela Bretthauer's questions to BBB FOODS (TBBB) leadership • Q3 2024

    Question

    Daniela Bretthauer from HSBC sought clarification on the company's U.S. dollar-denominated cash position and the associated FX gain calculation. She also pressed for more detail on the gross margin decline from its recent high, asking if it was driven by increased price reinvestments, lower supplier bonuses, or other factors, and what level should be used for forecasting.

    Answer

    CFO Eduardo Pizzuto clarified the U.S. dollar cash position, stating that approximately $150 million from IPO proceeds remains in short-term deposits and has not been transferred to the Mexican operation, with changes primarily due to interest accrual. Executive Kamal Hatoum reiterated that the gross margin level is a dynamic outcome of their pricing strategy to drive volume and peso profit, not a fixed target. He advised that any modeled margin assumption must be linked to a corresponding sales curve assumption.

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