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    Felipe Rached

    Research Analyst at The Goldman Sachs Group, Inc.

    Felipe Rached is an Equity Research Analyst at Goldman Sachs, specializing in Brazilian retail and consumer sectors with particular coverage of companies such as Vivara, Carrefour Brasil (CRFB), Lojas Renner (LREN), Mercado Livre (MELI), Magazine Luiza (MGLU), and Grupo SBF. He has delivered investment insights with actionable recommendations, including a notable Buy rating on Vivara with a target price of R$37.00. Rached joined Goldman Sachs do Brasil CTVM S.A. and has played a key role in analyzing the financial impact of major macroeconomic programs on core retail names in Brazil. He is registered with local financial regulatory authorities and leverages a robust analytical background to provide industry-leading coverage and market forecasts.

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

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

    Question

    Felipe Rached asked for more details on the sales trend and refurbishment impact at the Extra Mercado banner and questioned whether the new Board of Directors composition could help accelerate the resolution of tax liabilities.

    Answer

    Marcelo Pimentel, an executive, expressed satisfaction with Extra Mercado's performance, attributing its success to strategic assortment reviews and store layout changes. He confirmed that the plan is to complete the refurbishment of all stores by the end of the year. Regarding the Board, Pimentel stated that the new members' qualifications and experience are expected to provide valuable support and fresh perspectives on resolving the company's complex tax liabilities.

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    Felipe Rached's questions to Sendas Distributor (ASAIY) leadership

    Felipe Rached's questions to Sendas Distributor (ASAIY) leadership • Q4 2024

    Question

    Felipe Rached asked about the reported labor shortages and hiring difficulties in the market, questioning if Assaí experienced similar challenges, how it impacted store operations and staffing levels in Q4, and its effect on personnel expenses.

    Answer

    Executive Sandra Vicari acknowledged that labor turnover is a challenge for the retail sector but stated Assaí's numbers are below market benchmarks. She highlighted investments in culture, training, and selection to improve retention. Executive Anderson Castilho added that despite these challenges, the company has managed expenses through productivity initiatives and a disciplined, company-wide approach to cost control.

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    Felipe Rached's questions to ASAI leadership

    Felipe Rached's questions to ASAI leadership • Q1 2024

    Question

    Sought clarification on volume and ticket dynamics, particularly the difference between converted and legacy stores, and asked for an outlook on consumer health and its impact on demand.

    Answer

    The company clarified that volume from final consumers (B2C) increased, but overall volume was slightly negative due to a reduction in opportunistic B2B purchases compared to the previous year. They remain cautious about consumer health, noting that consumers are still pressured by debt, and any improvements are driven by Assai's own efficiencies rather than a broad market recovery.

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    Felipe Rached's questions to ASAI leadership • Q4 2023

    Question

    Requested a follow-up on personnel expenses growing below revenue and asked for an update on monetization initiatives discussed at the Investor Day, such as commercializing gallery spaces and developing financial services.

    Answer

    Regarding new revenue streams, the company is prioritizing these initiatives and will provide more visibility on gains later. There is a significant opportunity to monetize advertising space given the high customer traffic. The initial focus was on core operational execution, but now the focus will shift to these new opportunities. The lower growth in personnel expenses is due to productivity gains from store maturity and operational efficiency.

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