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    Felipe Cassimiro de Freitas

    Research Analyst at Banco Bradesco BBI

    Felipe Cassimiro de Freitas is an Executive Director and Equity Research Analyst at Banco Bradesco BBI, specializing in the coverage of the utilities and infrastructure sectors across Latin America. He covers major companies such as Eletrobras, Engie Brasil, Cemig, Copel, and Neoenergia, consistently providing in-depth analysis that has positioned him as a respected voice in the space. Felipe began his career in equity research at Banco Bradesco BBI in 2010 and has steadily risen through the ranks, having previously held analytical roles at Fundação Cesp and KPMG. He holds the CFA charterholder designation and is renowned for his analytical rigor and for generating actionable investment ideas for institutional clients.

    Felipe Cassimiro de Freitas's questions to ASAI leadership

    Felipe Cassimiro de Freitas's questions to ASAI leadership • Q4 2023

    Question

    Inquired about the specific drivers for the gross margin drop in the fourth quarter and asked about any initiatives to reduce CapEx per store over the next two years.

    Answer

    The gross margin drop was attributed to a strategic decision to invest in competitive advantages, funded by operational efficiencies and expense reductions. It was also impacted by the mix of new stores opened in late 2022. Regarding CapEx, there are ongoing initiatives to reduce it. The higher costs seen previously were partly due to the complexity of converting multi-level hypermarkets, which is not typical for new organic stores. Future CapEx will vary depending on store size and complexity, but the focus is on ROIC.

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