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    Guilherme Guttilla

    Director of Equity Research at BTG Pactual

    Guilherme Guttilla is a Director of Equity Research at BTG Pactual, specializing in the analysis of the Food & Beverage sector with coverage of leading Latin American companies such as Minerva (BEEF3). Known for his in-depth company and sector reports, Guttilla provides frequent investment recommendations and target price updates that guide institutional and retail investors in the region. He has held senior research roles at BTG Pactual since at least 2024 and regularly publishes collaborative analyses on major publicly traded firms. Guttilla holds recognized credentials relevant for equity research and operates under Brazil’s regulatory framework for securities analysis.

    Guilherme Guttilla's questions to JBS (JBS) leadership

    Guilherme Guttilla's questions to JBS (JBS) leadership • Q2 2025

    Question

    Guilherme Guttilla of BTG Pactual asked for more color on how the avian flu outbreak impacted Seara's results and for an outlook on the global chicken supply and demand scenario, considering factors like hatchability and mortality rates.

    Answer

    Global CEO Gilberto Tomazoni quantified the EBITDA impact on Seara from the outbreak, noting it was around 5% in June and is now about 1.5-2% with key markets still closed. He expressed confidence in reopening these markets and stated that strong global demand for chicken is outpacing supply constraints, maintaining a positive outlook for the business.

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    Guilherme Guttilla's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership

    Guilherme Guttilla's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q1 2025

    Question

    Guilherme Guttilla sought clarification on the merger's share exchange ratio, asking for an explanation of the conditions that could cause the stated 0.8521 ratio to be adjusted.

    Answer

    Executive Tang David explained that the exchange ratio is directly tied to the proposed dividend payouts by both companies. The announced ratio assumes the maximum defined dividend amounts are paid; any deviation from these amounts would trigger a corresponding adjustment to the ratio. He also elaborated on the valuation process, highlighting that both companies were assessed with significant premiums and that the resulting dilution for key shareholders was limited.

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    Guilherme Guttilla's questions to AGRO3.SA leadership

    Guilherme Guttilla's questions to AGRO3.SA leadership • Q3 2025

    Question

    Guilherme Guttilla asked for an update on BrasilAgro's interest in investing in logistics and grain storage, a topic from a previous Investor Day. He also requested the company's outlook for the upcoming sugarcane harvest at a national level.

    Answer

    CEO André Guillaumon confirmed that logistics remains a strategic focus due to Brazil's geographical challenges. However, he noted that the high cost of capital currently presents a significant trade-off for new storage investments. For the sugarcane harvest, Guillaumon projected a national output of 580-590 million tons, a reduction from the initial 610-620 million ton expectation. He highlighted that BrasilAgro is well-positioned as 70% of its sugarcane operations are outside the most weather-affected regions and benefit from irrigation capabilities.

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