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    Gabriel Baja

    Vice President and Research Analyst at Citigroup

    Gabriel Baja is a Vice President and Research Analyst at Citigroup, specializing in equity research within the Latin America region, with a particular focus on consumer and retail sectors. He covers major companies such as Walmart de México, Grupo Bimbo, and Femsa, and is recognized for his in-depth analysis and insightful investment recommendations, with a track record that includes a success rate above 65% and top-quartile returns on TipRanks. Gabriel began his career in the financial sector around 2013, previously working at UBS and Banco Santander before joining Citigroup in 2017, where he has advanced through various positions. He holds FINRA securities licenses and is known for his rigorous analytical approach, earning acknowledgment among peers and institutional investors for his strong research capabilities.

    Gabriel Baja's questions to BRASKEM (BAK) leadership

    Gabriel Baja's questions to BRASKEM (BAK) leadership • Q2 2025

    Question

    Asked about the company's high leverage in a challenging market and plans to improve it, including potential asset sales or partnerships. Also inquired about the status of the sale of Novo Nord's controlling stake and discussions with Petrobras.

    Answer

    The company acknowledged the high leverage is due to low EBITDA, not high debt, and plans to improve it by growing EBITDA through their transformation plan ('fly up to green and switch to gas'). Asset sales are a possibility for non-core assets to generate cash but are not the primary focus. Regarding the control change, management stated they are not party to the negotiations and are focused on running the business, as the challenges remain the same regardless of the shareholder.

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    Gabriel Baja's questions to GERDAU (GGB) leadership

    Gabriel Baja's questions to GERDAU (GGB) leadership • Q2 2025

    Question

    Gabriel Baja focused on future capital allocation, asking how Gerdau plans to use the increased cash flow expected from maturing projects and lower CapEx. He also questioned if the future EBITDA uplift could exceed current guidance, considering the reversal of one-off costs.

    Answer

    CFO Rafael Japur confirmed that with the current share price, share buybacks are the company's top priority for capital allocation. He agreed that the combination of maturing projects and the normalization of production costs at the Ouro Branco mill provides 'important room to increase our EBITDA in Brazil' next year.

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    Gabriel Baja's questions to NATIONAL STEEL (SID) leadership

    Gabriel Baja's questions to NATIONAL STEEL (SID) leadership • Q2 2025

    Question

    Gabriel Baja of Citigroup asked for clarification on whether the recent Usiminas stake sale fully satisfies the CADE agreement. He also inquired about the company's view on potential tariff changes for the auto industry and the medium-term deleveraging path to 2026.

    Answer

    An executive clarified that the Usiminas sale was a 'very important, relevant, and material part' of the CADE compliance but did not state it was the final step. He reiterated the long-term leverage goal of below 2.0x net debt/EBITDA and the 2025 target of below 3.0x, suggesting leverage should be around 3.0x in 2026. Head of Steel Martinez added that the core issue for the auto industry is not tariffs but the government's lack of 'courage' to enforce fair trade rules against disorganized imports.

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