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    Gabriel Rezende

    Research Analyst at Itau BBA

    Gabriel Rezende is an Equity Research Analyst at Itaú BBA, specializing in coverage of Brazilian industrials and capital goods companies, including Tegma, Priner, and LATAM Airlines. He has issued investment recommendations such as 'Outperform' with detailed target prices, reflecting active involvement in financial modeling and company analysis. Rezende regularly contributes to sector reports and earnings calls and has participated in published valuation work and target setting across notable firms. He began his career in equity research and currently operates as a core member of Itaú BBA’s industrials and transportation research team, though records of previous employers and professional credentials such as securities licenses are not publicly detailed.

    Gabriel Rezende's questions to LATAM AIRLINES GROUP (LTM) leadership

    Gabriel Rezende's questions to LATAM AIRLINES GROUP (LTM) leadership • Q2 2025

    Question

    Gabriel Rezende from Itaú BBA sought to understand the key drivers for the upward revision in full-year capacity guidance, asking if it was due to faster aircraft deliveries or stronger demand. He also inquired about future opportunities for cost efficiency improvements.

    Answer

    CEO Roberto Alvo Milosawlewitsch explained the increased capacity guidance is due to a combination of on-time aircraft deliveries, a stable Pratt & Whitney AOG situation, improved 787 availability, and higher aircraft utilization. Regarding cost efficiency, he stated that while cost discipline is a daily cultural practice, the most significant future gains will come from leveraging technology, particularly in maintenance and cargo operations, to streamline processes.

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    Gabriel Rezende's questions to LATAM AIRLINES GROUP (LTM) leadership • Q2 2025

    Question

    Gabriel Rezende from Itaú BBA sought to understand the drivers behind the updated, higher capacity guidance for the year and inquired about future opportunities for cost reductions and efficiency improvements.

    Answer

    CEO Roberto Alvo Milosawlewitsch attributed the increased capacity guidance to several factors: timely aircraft deliveries, stable Pratt & Whitney AOG situations, improved 787 availability, and better aircraft utilization across the network. For future cost efficiency, Alvo emphasized that while cost discipline is a daily cultural practice, the most significant future gains will come from leveraging technology, particularly in maintenance and cargo operations, to streamline processes.

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    Gabriel Rezende's questions to LATAM AIRLINES GROUP (LTM) leadership • Q1 2025

    Question

    Gabriel Rezende questioned how much of the improved guidance reflects the strong Q1 versus an improved outlook for the rest of the year, and asked if the CASK ex-fuel guidance might be conservative.

    Answer

    CEO Roberto Alvo Milosawlewitsch cited strong booking visibility for Q2 and stable demand trends, highlighting that a key driver is the increasing share of premium traffic, with premium revenue growing over 7%. CFO Ricardo Bottas Dourado added that the cost guidance assumes $90/barrel jet fuel and a BRL 5.9 FX rate, which creates both upside and downside risk.

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    Gabriel Rezende's questions to IOCJY leadership

    Gabriel Rezende's questions to IOCJY leadership • Q4 2024

    Question

    The analyst inquired about the company's CapEx outlook for the coming years compared to 2024 and asked about the potential impact of commodity price dynamics on the market in the first half of the year.

    Answer

    The executive stated that CapEx for 2025 is expected to be around BRL 500-520 million, focusing on completing projects in Mexico and Europe. Regarding commodities, the environment is generally benign, but the main uncertainty is the effect of North American tariffs on steel prices. The company historically passes these costs to clients, though the greater concern is the potential impact of tariffs on overall consumer demand for vehicles.

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    Gabriel Rezende's questions to IOCJY leadership • Q2 2024

    Question

    Asked about the expectation for the third quarter, specifically regarding the impact of aluminum price dynamics on profitability, and requested more detail on the company's pricing policies and its ability to pass on costs to clients.

    Answer

    Aluminum prices have stabilized, and since most contracts have automatic pass-through clauses for raw materials, no significant impact on profitability is expected. The company's main pricing effort has been to successfully pass through other inflationary costs beyond raw materials, which is a key factor in the plan to restore historical margins by 2025.

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    Gabriel Rezende's questions to AZUL leadership

    Gabriel Rezende's questions to AZUL leadership • Q2 2024

    Question

    Asked if the recent fare increases are sufficient to meet full-year guidance and questioned the source of lower maintenance expenses in the quarter and the potential for future savings on that line.

    Answer

    Current fare levels are strong and, if maintained, are sufficient given positive seasonality and new revenue from the codeshare and ancillaries. The significant maintenance savings from the 'Elevate' plan will come from maintenance CapEx (related to heavy checks and engine overhauls), not the smaller line maintenance item in operating expenses.

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    Gabriel Rezende's questions to EMBRAER (ERJ) leadership

    Gabriel Rezende's questions to EMBRAER (ERJ) leadership • Q2 2024

    Question

    Gabriel Rezende asked if the broader aerospace supply chain crisis could create a favorable pricing environment for Embraer's commercial division, potentially leading to higher margins in the future.

    Answer

    President and CEO Francisco Gomes Neto acknowledged the opportunity for margin improvement in the Commercial division. He stated that profitability will be driven by a combination of growing production volumes, favorable pricing, and internal cost reduction programs, expressing confidence in maintaining positive mid-single-digit margins.

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