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    Gabriel Coelho Barra

    Research Analyst at Citigroup

    Gabriel Coelho Barra is an Equity Research Analyst at Citigroup, focusing on the Latin American financials sector with in-depth coverage of major banks such as Banco do Brasil, Itau Unibanco, and Bradesco. He has established a reputation for delivering insightful research and actionable recommendations, though publicly available performance metrics and rankings on platforms like TipRanks are limited. Gabriel began his career in the finance industry in the mid-2010s and joined Citigroup in 2022 after holding previous roles at BTG Pactual and Itaú BBA, where he also specialized in financial institutions. He holds professional credentials including FINRA Series 7 and 63 licenses and is recognized for his analytical rigor and expertise within the Latin American banking sector.

    Gabriel Coelho Barra's questions to Cosan (CSAN) leadership

    Gabriel Coelho Barra's questions to Cosan (CSAN) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked for an update on Cosan's capital structure and short-term divestment plans. He also inquired about the strategy for the Moove business following a recent fire, focusing on the timeline for recovery and the balance between restoring volumes and maintaining margins.

    Answer

    Executive Rodrigo Alves explained that Moove is prioritizing restoring production volumes over margins to meet client needs and is actively using alternative facilities, with operational results already improving month-over-month. Both Rodrigo Alves and executive Marcelo Martins stressed the urgency of deleveraging Cosan's capital structure through various initiatives, clarifying that selling major stakes in core assets like Compass or Rumo is not being considered.

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    Gabriel Coelho Barra's questions to Cosan (CSAN) leadership • Q4 2024

    Question

    Gabriel Coelho Barra of Citi inquired about Cosan's capital allocation strategy following the Vale sale, specifically asking about the potential for further divestments in a challenging market. He also sought details on the operational and financial impact of the recent fire at the Moove facility, including insurance coverage and recovery timeline.

    Answer

    Executives Rodrigo Alves and Marcelo Martins addressed the questions. They affirmed that the Vale sale does not diminish the urgency for further deleveraging and that no assets are off the table, though portfolio quality and valuation remain paramount. Marcelo Martins stressed that asset sales are the priority before any potential capitalization. Regarding the Moove incident, Rodrigo Alves confirmed no fatalities or environmental impact occurred, with storage infrastructure intact. He highlighted that the company has robust insurance policies for operational risks and civil liabilities, which will be critical for mitigating financial impact.

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    Gabriel Coelho Barra's questions to Cosan (CSAN) leadership • Q2 2024

    Question

    Gabriel Coelho Barra questioned the future of Cosan's investment in Vale, asking if it remains a core asset in the context of deleveraging. He also sought clarity on the 1.5x debt service coverage ratio target and the expected timeline for achieving further deleveraging.

    Answer

    Executive Rodrigo Alves explained that while no major changes are expected in the portfolio mix, the Vale stake is being monitored closely amid relevant upcoming events. He clarified that the 1.5x coverage ratio target is designed to cover debt service, holding company costs, and shareholder dividends, enabling organic deleveraging. Alves stated there is no set date to reach this target but does not expect it to be sustained before the end of 2025, emphasizing that deleveraging will not compromise portfolio quality.

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    Gabriel Coelho Barra's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Gabriel Coelho Barra's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked how Petrobras is managing service and vessel contracting in a low oil price environment and inquired about its strategy for the increasingly competitive domestic gas market.

    Answer

    Renata Baruzzi, Executive Director of Engineering, explained the strategy involves simplifying project designs to attract more suppliers and increase competition. Mauricio Tolmasquim, Executive Director of Energy Transition, stated that in the gas market, they are pursuing an aggressive pricing strategy to capture new clients in the free market and have already signed several new contracts.

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    Gabriel Coelho Barra's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q4 2024

    Question

    Gabriel Barra from Citigroup inquired about the status of licensing for the equatorial margin, its potential CapEx impact, and long-term development challenges. He also asked for clarification on whether Petrobras plans to own more of its vessels and drills instead of chartering them.

    Answer

    President Magda de Regina Chambriard, Corporate Affairs Director Clarice Coppetti, and E&P Director Sylvia dos Anjos detailed the company's comprehensive efforts to secure licenses for the equatorial margin. They highlighted an unprecedented BRL 150 million environmental readiness plan, the geological potential similar to Guyana, and technical safeguards that make environmental risks minimal. On the second question, Engineering Director Renata Baruzzi clarified that the company's model remains to charter support vessels and drills, with no plans to shift to ownership. The only flexibility is in FPSOs, where the company decides between leasing and build-operate-transfer models based on market conditions.

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    Gabriel Coelho Barra's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q1 2024

    Question

    Gabriel Coelho Barra asked about the potential acquisition of Braskem, focusing on its impact on Petrobras's balance sheet, debt levels, and dividend policy. He also inquired about the share buyback program, which is ahead of schedule, and whether it might be extended or increased.

    Answer

    CFO Sergio Leite explained the buyback is a successful pilot program and a new plan will be proposed to the board after the current one ends in August. Regarding Braskem, he stated the preferred model is co-management, which would have an insignificant impact on debt and dividends. Industrial Processes Director William da Silva added that an extensive due diligence was completed, confirming Braskem's operational integrity and significant synergies.

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    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership

    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked for an opinion on the evolving U.S.-China tariff situation and its macro impact on Braskem's global operations, spreads, and productivity. He also requested more details on the $600 million value creation plan, including total CapEx, timeline, and key performance indicators.

    Answer

    Executive Rosana Avolio explained that the tariff situation could benefit Braskem by increasing polypropylene spreads and creating favorable conditions for U.S. ethane, highlighting the company's geographic and product diversification as a key strength. Regarding the value creation plan, she noted it focuses on feedstock flexibility and expanding the green portfolio, largely funded through the REIQ Investimentos program to minimize cash impact. Executive Felipe Montoro Jens added that funding for the green expansion would also come from project-specific investors and non-recourse financing, similar to the model used for the Mexico project.

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    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Gabriel Coelho Barra asked for an opinion on the evolving U.S.-China tariff situation and its macro impact on Braskem's global operations, spreads, and productivity. He also requested more detail on the $600 million value creation plan, including its total CapEx, timeline, and key performance indicators.

    Answer

    Executive Rosana Avolio explained that while the tariff situation creates uncertainty, a de-escalation is favorable for global GDP and plastic demand. She noted potential benefits for U.S. ethane and polypropylene spreads, highlighting Braskem's strength through geographic and product diversification. Regarding the value creation plan, she stated the company would leverage fiscal credits (REIQ Investimentos) to minimize cash CapEx for gas-based projects in Brazil and is targeting 1 million tons of green portfolio capacity. Executive Felipe Montoro Jens added that funding for the 'GreenCo' initiative would also come from project-specific investors and non-recourse financing to protect the company's balance sheet.

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    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Gabriel Coelho Barra asked for more details on potential capacity rationalization in Brazil given import competition, and sought an update on the company's cash generation outlook for 2024 and 2025.

    Answer

    Pedro van Langendonck Teixeira de Freitas, an executive, clarified that while all sites currently generate positive cash, the company is actively discussing short-term commercial defense measures and a long-term restructuring program with the government. He reaffirmed the 2024 outlook for neutral cash generation (excluding Alagoas-related payments) and stated the 2025 outlook is for a slight improvement, though it remains dependent on spread recovery.

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    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Gabriel Coelho Barra of Citigroup asked about the potential for capacity rationalization in Brazil given import competition and sought an update on the company's cash generation outlook for 2024 and 2025, considering recent currency depreciation.

    Answer

    Executive Pedro van Langendonck Teixeira de Freitas stated that while rationalization is a long-term analysis, all current sites generate positive cash. The company's immediate focus is on commercial defense mechanisms and a long-term government-supported restructuring program. He reaffirmed the outlook for neutral cash generation in 2024 (excluding Alagoas) and a slightly better 2025, while noting the dual effect of a weaker BRL, which boosts dollar-based EBITDA but increases BRL-denominated financial expenses.

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    Gabriel Coelho Barra's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Asked about potential capacity rationalization in Brazil due to import competition and the timeline for such decisions. Also sought to confirm the outlook for neutral cash flow in 2024 and positive generation in 2025, and how currency depreciation affects this outlook.

    Answer

    The executive explained that capacity rationalization is a long-term analysis and all sites currently generate positive cash. The company is advocating for short-term commercial defense and a long-term government-supported restructuring program. The forecast for neutral cash generation in 2024 (ex-Alagoas) and a better 2025 remains valid, though '25 has uncertainties. A devalued BRL has a mixed effect, improving USD EBITDA but increasing BRL financial expenses.

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    Gabriel Coelho Barra's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Gabriel Coelho Barra's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q4 2024

    Question

    Gabriel Coelho Barra inquired about the outlook for Ipiranga's margins in 2025, questioning what internal measures could improve profitability beyond tackling the prevalent unlawful industry practices. He also asked how Ultrapar plans to leverage its strong balance sheet in a high-interest-rate environment, specifically regarding the pace of investments and efforts to regain market share.

    Answer

    Ultrapar CFO Rodrigo de Almeida Pizzinatto explained that Ipiranga's margins were significantly impacted by unlawful practices, particularly concerning the biodiesel mix. He expressed optimism that recent legal changes, such as the RenovaBio law, will foster a fairer market. Ipiranga CFO Pedro Guedes added that the company's CapEx strategy for service stations prioritizes quality over speed, viewing market share as an outcome of its activities rather than a primary target.

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    Gabriel Coelho Barra's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q2 2024

    Question

    Gabriel Coelho Barra inquired about Ipiranga's performance, focusing on the non-recurring SG&A impact from office relocations, the quantifiable effects of market irregularities like the Amapa issue and naphtha imports, and the outlook for the second half of the year.

    Answer

    Leonardo Linden, an executive, quantified the one-off SG&A impact from office moves at BRL 7-8 per cubic meter. He acknowledged significant market irregularities but noted positive enforcement actions. Linden expressed a positive outlook for the second half, anticipating more normalized inventory levels and a balanced market, which should improve profitability.

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