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Ernan Churezzi

Vice President and Equity Research Analyst at Citigroup Inc.

Ernan Churezzi is a Vice President and Equity Research Analyst at Citigroup Inc., specializing in coverage of Latin American financial institutions with a focus on banks and diversified financial services firms such as Grupo Financiero Banorte, Banco Bradesco, Banco do Brasil, and Itaú Unibanco. He is recognized for his in-depth analysis and has maintained a solid track record of accuracy and success in his investment calls, achieving a success rate above 65% and consistently outperforming sector benchmarks according to TipRanks and industry reports. Churezzi joined Citigroup in 2019 after previous roles at Credit Suisse and BTG Pactual, where he built expertise in Latin American markets and contributed to highly-rated research teams. He holds active FINRA Series 7 and Series 63 licenses and has been acknowledged for his strong client relationships and insightful coverage of emerging market financials.

Ernan Churezzi's questions to PagSeguro Digital (PAGS) leadership

Question · Q3 2024

Ernan Churezzi from Citi asked for an update on the company's sensitivity to interest rates, specifically the financial impact of a 100 basis point increase in the SELIC rate and the relevant time horizon.

Answer

Executive Artur Schunck quantified the impact of a 100 basis point SELIC rate change as approximately BRL 300 million to financial expenses over a 12-month period. Executive Ricardo da Silva added that the company has several levers to mitigate this impact, including repricing and diversifying funding sources.

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Question · Q3 2024

Ernan Churezzi from Citi asked for an update on the company's sensitivity to interest rates, specifically the financial impact of a 100 basis point increase in the SELIC rate and the time horizon for this impact.

Answer

Executive Artur Schunck quantified the impact of a 100 basis point SELIC rate change as approximately BRL 300 million to financial expenses before taxes. Executive Ricardo da Silva confirmed this impact is projected over a 12-month horizon and stated that the company has several levers to mitigate it, including repricing, diversifying funding sources, and adjusting CD yields.

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