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    Danniela Eiger

    Research Analyst at XP Inc.

    Danniela Eiger is the Co-Head of Equity Research and Retail Sector Head at XP Inc., specializing in equity research for the retail sector in Brazil. She covers prominent consumer and retail companies, including Grupo Panvel, and is known for providing actionable insights and investment recommendations, consistently maintaining a 'Buy' rating on key stocks. Throughout her career at XP Inc., Danniela has established herself as a leading analyst with a reputation for sector expertise and in-depth market analysis, strengthening XP's research platform since joining the firm. She holds sector leadership responsibilities, underscoring her professional credentials and recognition in the equity research space.

    Danniela Eiger's questions to Sendas Distributor (ASAIY) leadership

    Danniela Eiger's questions to Sendas Distributor (ASAIY) leadership • Q1 2025

    Question

    Danniela Eiger of XP Inc. followed up on sales acceleration, asking what levers Assaí can pull to boost sales amid trade-down pressures. She also questioned the gross margin strategy, asking if it would be better to reinvest margin gains into price to drive sales volume rather than letting it flow to the bottom line.

    Answer

    CEO Belmiro de Gomes responded that based on regional tests, there is currently low price elasticity, meaning that investing margin into lower prices would not generate a significant enough sales increase to be worthwhile. He stated that the primary levers for growth are operational improvements and innovation, such as expanding into new categories like tires and exploring services to increase the share of wallet, in addition to the natural margin uplift from maturing stores.

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    Danniela Eiger's questions to Sendas Distributor (ASAIY) leadership • Q4 2024

    Question

    Danniela Eiger inquired about Assaí's strategy regarding the balance between sales volume and profitability in the current competitive landscape. She also asked about the company's long-term view on the B2B versus B2C customer mix and whether private label products are a strategic priority.

    Answer

    Executive Belmiro de Gomes explained that the company prioritizes cash generation and debt reduction over chasing volume through aggressive payment terms, which affects the B2B reseller segment. He noted that while B2C is growing, B2B remains a key focus with different strategies. Regarding private labels, he stated they are not a current priority due to Brazil's logistical complexities, which favor strong local brands over a national private label.

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    Danniela Eiger's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    Danniela Eiger's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q1 2025

    Question

    Danniela Eiger of XP Inc. inquired about updates on tax settlement discussions, the potential for further expense reductions through technology and automation, and the current penetration and future potential of retail media.

    Answer

    Executive Marcelo Pimentel confirmed active work on federal-level tax settlements, noting the potential use of tax credits to minimize cash impact. He detailed expense reduction efforts through productivity optimization and a zero-based budget, each targeting over BRL 100 million in savings. Pimentel also described retail media's evolution, which generated nearly BRL 100 million in high-margin revenue in 2024 and is now entering a data-driven customization phase with high double-digit growth expected.

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    Danniela Eiger's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Danniela Eiger from XP Inc. asked about the company's growth dynamics, questioning why the proximity format's same-store sales were flat in Q4 and lagged behind the strong acceleration seen in other banners like Extra Mercado.

    Answer

    Executive Rafael Russowsky explained that the disparity is due to seasonality. Larger supermarket formats benefit significantly from high-volume events like Black Friday and Christmas, which smaller proximity stores cannot physically accommodate. He noted that proximity stores exhibit stable, predictable performance with gross margins 3-5 percentage points higher than supermarkets. The company also shifted the proximity format's promotional calendar from weekly to fortnightly and then monthly without impacting sales, highlighting that convenience is the key driver for customers. He also mentioned that vacation patterns in Sao Paulo, the focus market for Minuto Pão de Açúcar, naturally temper Q4 sales in the city.

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    Danniela Eiger's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Danniela Eiger from XP Inc. asked for an explanation of the growth dynamics, specifically questioning why the proximity format's same-store sales growth was flat in Q4 and lagged behind other formats like Extra Mercado.

    Answer

    Executive Rafael Russowsky explained that the disparity is due to seasonality. Supermarket formats benefit from high-volume Q4 events like Black Friday and Christmas, which require promotional space that smaller proximity stores lack. He noted proximity stores have a more stable, convenience-driven demand and that their margins are improving due to a less frequent promotional calendar. Russowsky also mentioned that the vacation period sees many Sao Paulo residents leave the city, impacting sales at city-based proximity stores while boosting coastal locations.

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