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Filipe Nielsen

Research Analyst at Citigroup Inc.

Filipe Nielsen is an Equity Research Analyst at Citigroup Inc., covering Latin American airlines and transportation sectors with a particular focus on companies such as Copa Holdings, Volaris, Hidrovias do Brasil, and Motiva. His track record includes targeted investment recommendations like a current Buy rating on Copa Holdings with detailed price targets and consistent coverage of major regional transportation stocks. Nielsen has held his analyst role at Citi for several years, building deep expertise in transportation equity analysis after prior roles researching similar industries, and has become a key source for market targets cited by Bloomberg and other platforms. He holds recognized professional credentials required for equity research including certifications for securities analysis and is highly regarded for his thorough investment research within Latin America.

Filipe Nielsen's questions to Copa Holdings (CPA) leadership

Question · Q3 2025

Filipe Nielsen asked for clarification on the moving parts for the 2025 CASM guidance of $0.058, particularly after Q3's positive one-offs, and sought insight into the 2026 ex-fuel CASM expectation.

Answer

Peter Donkersloot, CFO of Copa Holdings, clarified that the $0.058 CASM guidance for 2025 represents a range. He explained that Q3's positive impact included a lease extension (one-third) and engine exchange transactions (two-thirds), noting the latter is not necessarily a one-off and may continue into 2026 due to longer turnaround times. For 2026, Donkersloot expressed confidence that Copa has sufficient cost initiatives to offset inflation and potentially lower CASM further, indicating the guidance reflects this directionality.

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Question · Q3 2025

Filipe Nielsen asked for clarification on the 2025 CASM guidance of 5.8 cents, particularly regarding the impact of positive one-off items in the recent quarter, and whether the assumption might be too conservative.

Answer

CFO Peter Donkersloot clarified that the 5.8 cents is a range. He explained that the 'one-offs' included a lease extension (one-third of the effect) and engine exchange transactions (two-thirds), noting that engine exchanges are not necessarily one-off and may continue into 2026. Filipe also asked about the moving parts for the 2026 ex-fuel CASM expectation of 5.7-5.8 cents, questioning if it might be conservative given potential fixed cost dilution from capacity expansion.

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