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    Guilherme Mendes

    Research Analyst at J.P. Morgan Chase & Co.

    Guilherme Mendes is an Executive Director of Equity Research at J.P. Morgan Chase & Co., specializing in Latin American infrastructure and transportation sectors. He covers companies including Corporación América Airports, where he has delivered actionable investment recommendations such as maintaining an Overweight rating and issuing precise price targets. Mendes has established a track record of effective stock coverage and performance-driven analysis since joining J.P. Morgan, following earlier experience in financial markets research. He holds professional credentials relevant to equity research and maintains an expert standing within his coverage universe.

    Guilherme Mendes's questions to CORPORACION AMERICA AIRPORTS (CAAP) leadership

    Guilherme Mendes's questions to CORPORACION AMERICA AIRPORTS (CAAP) leadership • Q2 2025

    Question

    Guilherme Mendes inquired about the expected next steps for the economic rebalancing discussions in Argentina and whether Corporación América Airports remains interested in acquiring Motiva's former CCR airport assets.

    Answer

    CFO Jorge Arruda confirmed that the company is actively evaluating the CCR airport assets as an interesting M&A opportunity, subject to confidentiality. Regarding Argentina, he stated that conversations with technical teams about the economic equilibrium and investment requirements are ongoing and progressing well with the new Secretary of Transport.

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    Guilherme Mendes's questions to CORPORACION AMERICA AIRPORTS (CAAP) leadership • Q2 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. inquired about the expected next steps and milestones for the economic rebalancing discussion in Argentina and whether the company remains interested in acquiring Motiva's former CCR airport assets.

    Answer

    CFO Jorge Arruda confirmed that Corporacion America Airports is actively evaluating the CCR airport assets as an interesting M&A opportunity, noting the process is confidential. Regarding Argentina, he stated that conversations with technical teams about the economic equilibrium and investment requirements are ongoing and progressing well with the new Secretary of Transport.

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    Guilherme Mendes's questions to CORPORACION AMERICA AIRPORTS (CAAP) leadership • Q2 2025

    Question

    Guilherme Mendes of JPMorgan Chase & Co. inquired about the next steps and expected milestones for the concession re-equilibrium discussions in Argentina. He also asked if Corporacion America Airports is still interested in the former CCR airport assets being sold and whether they would consider bidding with a partner.

    Answer

    CFO Jorge Arruda addressed the questions, stating that for the CCR airport assets, the company is actively looking at the opportunity but is bound by confidentiality in the M&A process. Regarding the Argentine concession, Arruda confirmed that technical conversations are ongoing, covering the economic rebalancing and investment requirements, and that the company is engaged with the new Secretary of Transport appointed in May.

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    Guilherme Mendes's questions to Copa Holdings (CPA) leadership

    Guilherme Mendes's questions to Copa Holdings (CPA) leadership • Q2 2025

    Question

    Guilherme Mendes of JPMorgan Chase & Co. questioned the outlook for passenger yields into 2026 amid rising industry capacity and asked for an update on the company's share buyback program.

    Answer

    CEO Pedro Heilbron acknowledged that yields have already declined from 2023 levels but emphasized that Copa has prepared for this by focusing on cost efficiencies, expressing confidence in delivering strong results even in a lower-yield environment. CFO Peter Donkersloot stated that approximately half of the $200 million share buyback program has been executed to date.

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    Guilherme Mendes's questions to Copa Holdings (CPA) leadership • Q1 2025

    Question

    Guilherme Mendes requested a breakdown of demand by segment (leisure, VFR, corporate) and asked for more detail on the factors impacting RASM, specifically the relative pressures from foreign exchange versus competition.

    Answer

    CEO Pedro Heilbron provided a Q1 traffic breakdown of approximately 20% business and 45% leisure. He explained that RASM pressure comes from currency weakness in Brazil and increased competitive capacity in Mexico and Central America, while other regions remain solid.

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    Guilherme Mendes's questions to Copa Holdings (CPA) leadership • Q4 2024

    Question

    Guilherme Mendes requested more detail on which specific regions or routes are experiencing the most significant overcapacity, which is pressuring yields and RASM.

    Answer

    CEO Pedro Heilbron identified Brazil and Colombia as key markets where industry capacity has grown significantly, close to the 20% range, compared to a broader regional average of 6-7%. He noted that this includes some of Copa's own capacity growth but that the overall increase is impacting the competitive environment in those specific countries.

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    Guilherme Mendes's questions to Central North Airport (OMAB) leadership

    Guilherme Mendes's questions to Central North Airport (OMAB) leadership • Q2 2025

    Question

    Guilherme Mendes of JPMorgan Chase & Co. asked for clarification on the Master Development Program (MDP) CapEx, an updated traffic outlook, and the primary drivers behind the strong passenger growth, particularly regarding near-shoring.

    Answer

    CEO Ricardo Dueñas Espriu confirmed the MDP CapEx is similar to the previous plan in real terms and updated the traffic forecast to mid-to-high single-digit growth for the rest of the year. CFO Ruffo Pérez Pliego attributed strong traffic performance, especially in Monterrey, to robust industrial activity and economic performance linked to near-shoring.

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    Guilherme Mendes's questions to Central North Airport (OMAB) leadership • Q1 2024

    Question

    Guilherme Mendes inquired about OMA's 2024 traffic outlook, considering recent aircraft groundings, and asked for an update on the recovery pace for the Acapulco airport following Hurricane Otis.

    Answer

    CEO Ricardo Duenas stated that the full-year 2024 traffic outlook is now projected to be in the 'mid- to low negative single digit' range, contingent on the Pratt & Whitney engine issues. He added that Acapulco is currently operating at approximately 50% of its pre-hurricane capacity, with its recovery dependent on the city's overall recuperation.

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    Guilherme Mendes's questions to LATAM AIRLINES GROUP (LTM) leadership

    Guilherme Mendes's questions to LATAM AIRLINES GROUP (LTM) leadership • Q2 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. inquired about LATAM's growth outlook for the next two to three years, seeking color on ASK growth and specific markets. He also asked about the company's capital allocation policy, specifically how it balances leverage targets with shareholder returns like dividends and buybacks.

    Answer

    CEO Roberto Alvo Milosawlewitsch projected high single-digit ASK growth for 2026, driven by a solid fleet plan and strong demand, noting particular strength in premium revenue and a stable situation in most markets. CFO Ricardo Bottas explained that shareholder returns are considered within a broader financial policy framework that includes liquidity, a leverage target at or below 1.5x, and achieving a BB+ rating. CEO Alvo added that growth opportunities are prioritized before decisions on further distributions are made.

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    Guilherme Mendes's questions to LATAM AIRLINES GROUP (LTM) leadership • Q2 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. inquired about LATAM's growth outlook for the next 2-3 years in terms of ASK growth and the company's capital allocation strategy, specifically regarding future dividend distributions and leverage targets.

    Answer

    CEO Roberto Alvo Milosawlewitsch projected high single-digit ASK growth for 2026, driven by a solid demand environment and fleet additions, while noting the overcapacity in Colombia has balanced out. CFO Ricardo Bottas explained that shareholder returns are considered within a broader financial policy framework that includes liquidity, leverage targets (at or below 1.5x for 2025), and credit rating goals. Alvo added that growth opportunities are prioritized before further distributions.

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    Guilherme Mendes's questions to LATAM AIRLINES GROUP (LTM) leadership • Q1 2025

    Question

    Guilherme Mendes asked about LATAM's capacity and fleet flexibility in a potential demand downturn and sought views on the possible M&A between Azul and GOL in Brazil.

    Answer

    CEO Roberto Alvo Milosawlewitsch highlighted that flexibility comes from a fleet of older, low-capital-cost A319s, which allows capacity adjustments without altering new aircraft deliveries. Regarding the potential Azul-GOL merger, he stated it is premature to speculate on the non-binding agreement and that LATAM will react if the situation develops.

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    Guilherme Mendes's questions to LATAM AIRLINES GROUP (LTM) leadership • Q4 2024

    Question

    Guilherme Mendes requested clarification on what 'strategic investments' could entail as a use of capital and asked if there were any regions experiencing excessive competitive capacity that could pressure prices.

    Answer

    CEO Roberto Alvo Milosawlewitsch explained that while the company's strong balance sheet provides options for growth investments, there was nothing specific to report at this time. On competition, he identified domestic Colombia as a market with overcapacity and noted some seasonal capacity intensity between the U.S. and Brazil, but stated that most other markets remain relatively balanced.

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    Guilherme Mendes's questions to SOUTHEAST AIRPORT (ASR) leadership

    Guilherme Mendes's questions to SOUTHEAST AIRPORT (ASR) leadership • Q2 2025

    Question

    Guilherme Mendes of JPMorgan Chase & Co. asked for clarification on the traffic outlook for the second half of 2025 and the specific impact of foreign exchange rates on commercial revenues. He later followed up on the potential traffic risk from sargassum.

    Answer

    CEO Adolfo Castro Rivas stated that domestic traffic should improve as the Pratt & Whitney engine issues have bottomed out. He noted FX impacts duty-free sales directly and indirectly influences spending behavior in other commercial areas. On his follow-up, Mr. Castro acknowledged that the sargassum situation is particularly severe this year, calling it a 'very tough situation'.

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    Guilherme Mendes's questions to SOUTHEAST AIRPORT (ASR) leadership • Q2 2025

    Question

    Guilherme Mendes asked about the traffic outlook for the second half of 2025, the specific impact of foreign exchange on commercial revenues, and whether the increase in sargassum in the Caribbean poses a risk to traffic.

    Answer

    CEO Adolfo Castro Rivas projected that domestic traffic should improve as engine-related issues have bottomed out. He noted the FX impact on commercial revenue is indirect, affecting tourist spending power. He acknowledged that sargassum levels are very high this year, which presents a challenge, particularly during the summer season.

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    Guilherme Mendes's questions to SOUTHEAST AIRPORT (ASR) leadership • Q1 2025

    Question

    Guilherme Mendes requested more details on the expected lifting of Mexico City airport restrictions and its potential traffic impact, and also asked if the passenger forecast for Tulum airport aligns with original MDP expectations.

    Answer

    Adolfo Castro Rivas stated he expects the Mexico City airport capacity restrictions to be eased by Q3 2025, from 43 to at least 52 operations per hour, which is crucial as the region generates 50% of the group's domestic traffic. He confirmed that the 2.9 million passenger projection for Tulum this year is very close to the original MDP expectation of approximately 3 million.

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    Guilherme Mendes's questions to SOUTHEAST AIRPORT (ASR) leadership • Q4 2024

    Question

    Guilherme Mendes followed up on Tulum's traffic performance versus expectations and asked for an update on the Dominican Republic asset and any other potential M&A activities.

    Answer

    Executive Adolfo Castro Rivas stated that Tulum's traffic is performing largely as expected, projecting 2.9 million passengers for the year. He confirmed the legal process for the Dominican Republic asset is ongoing with no new updates, and while the company reviews all opportunities, there are no significant new projects in the short term.

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    Guilherme Mendes's questions to Pacific Airport (PAC) leadership

    Guilherme Mendes's questions to Pacific Airport (PAC) leadership • Q2 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. asked if acquiring the CCR portfolio would necessitate an equity injection and impact dividends, and also inquired about any potential impact from Volaris unbundling airport fees.

    Answer

    CEO Raúl Revuelta Musalem responded that based on their analysis, an acquisition of CCR would not require a capital injection due to GAP's healthy balance sheet. He also stated that the unbundling of fees by airlines is not a new practice and is not expected to impact traffic trends.

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    Guilherme Mendes's questions to Pacific Airport (PAC) leadership • Q1 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. questioned management's confidence in the full-year guidance amid macroeconomic risks and also requested an update on the potential new bid for the Turks and Caicos airport.

    Answer

    Executive Raul Musalem expressed continued confidence in the full-year traffic guidance, citing strong load factors and unmet domestic demand due to aircraft engine issues. He also stated that a final determination on the Turks and Caicos bidding process is expected from the government during May.

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    Guilherme Mendes's questions to Pacific Airport (PAC) leadership • Q4 2024

    Question

    Guilherme Mendes from JPMorgan Chase & Co. asked for GAP's view on the likelihood and timing of the government potentially increasing the number of operating slots at Mexico City Airport.

    Answer

    Executive Raul Musalem responded that while it's based on public information, an increase in capacity at Mexico City Airport would be good news for the entire Mexican airport industry. He reasoned that more slots in Mexico City would allow for more efficient airline operations and turnarounds, which could in turn lead to additional operations at GAP's airports.

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    Guilherme Mendes's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership

    Guilherme Mendes's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership • Q2 2025

    Question

    Guilherme Mendes of JPMorgan Chase & Co. followed up on the booking curve, asking if visibility had improved since Q1, and also inquired about the overall competitive environment and industry capacity rationality.

    Answer

    EVP Holger Blankenstein confirmed that demand patterns have stabilized and improved since the first half, with the second half tracking stronger and in line with historical seasonality. He described the competitive capacity environment as rational, noting that Volaris led capacity reductions and the industry has since adjusted to better align with demand.

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    Guilherme Mendes's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership • Q2 2025

    Question

    Guilherme Mendes from JPMorgan Chase & Co. asked for an update on the booking curve, specifically if visibility had improved since Q1. He also inquired about the overall competitive environment and the level of industry rationality.

    Answer

    Holger Blankenstein, EVP of Airline Commercial & Operations, confirmed that demand patterns have stabilized and improved since Q1, with the second half of the year tracking stronger. He described the competitive environment as rational, noting that the industry has adjusted capacity downwards to align with current demand, a move Volaris initiated.

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    Guilherme Mendes's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership • Q1 2025

    Question

    Guilherme Mendes asked for a breakdown of demand performance between the VFR and leisure segments and requested clarification on the factors negatively impacting Q1 yield performance.

    Answer

    Airline Executive Vice President Holger Blankenstein clarified that VFR traffic is the most affected segment, while leisure demand remains relatively strong, especially for domestic beach routes. He attributed the Q1 TRASM decline primarily to the 20% depreciation of the peso, noting that in constant currency, the decline would have been only about 7%.

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    Guilherme Mendes's questions to Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) leadership • Q3 2024

    Question

    Guilherme Mendes asked about the company's ability to pass through the recent Mexican peso depreciation into fares and sought an update on whether Mexico City slot restrictions might change under the new administration.

    Answer

    CFO Jaime Pous explained that the company has a natural hedge against foreign exchange fluctuations, aiming to increase U.S. dollar collections to 50% to align with its 60% USD-denominated cost base. CEO Enrique Beltranena stated that based on recent meetings, authorities do not expect to change the number of slots in Mexico City.

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    Guilherme Mendes's questions to AZUL leadership

    Guilherme Mendes's questions to AZUL leadership • Q2 2024

    Question

    Inquired about fare elasticity and the potential for further price increases without harming demand, and asked for a quantification of the 'Elevate' plan's financial benefit for 2024 and 2025.

    Answer

    Azul will continue to test fare levels, supported by a disciplined market and strong economic indicators. The 'Elevate' plan is already contributing to the 2024 guidance of over BRL 6 billion in EBITDA, with the full incremental BRL 1 billion benefit expected to be realized in 2025 as initiatives are fully ramped up.

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