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    Gabriel Gusan

    Director and Equity Research Analyst at Citi

    Gabriel Gusan is a Director and Equity Research Analyst at Citi, primarily specializing in Latin American fintech, digital payments, and consumer finance companies. He covers notable firms including PagSeguro Digital, DLocal, and Allied Brasil, frequently issuing ratings and target price changes that are tracked by market intelligence platforms such as TipRanks. Gusan has maintained a strong presence in Latin American financial markets research since joining Citi, regularly providing actionable investment recommendations to global institutional clients, although specific ranking or return metrics are not publicly found. He holds recognized professional credentials for equity research and is listed as a lead analyst for Citibank by covered companies.

    Gabriel Gusan's questions to PagSeguro Digital (PAGS) leadership

    Gabriel Gusan's questions to PagSeguro Digital (PAGS) leadership • Q2 2024

    Question

    Asked about the future trajectory of CapEx, questioning if the annual requirement of over BRL 2 billion will decrease over time as the business mix shifts away from micro-merchants towards LMEC.

    Answer

    The company explained that over half of their CapEx is for technology, products, and services, not just POS terminals. While they anticipated some POS purchases in H1 2024, they expect to reduce investments in the second half to meet their full-year guidance of BRL 2.0-2.2 billion, which is in line with the average of the past four years.

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