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Gustavo Faria

Gustavo Faria

Research Analyst at Bank of America Corp. /de/

State of São Paulo, Brazil

Gustavo Faria is an Equity Research Associate at Bank of America Merrill Lynch, focusing on equity research and analysis for institutional clients. He began his role in February 2023, having previously served as an Equity Research Analyst at the same firm, where he contributes to the coverage of specific public companies and provides actionable investment recommendations. Although public performance metrics indicate that his published stock calls have not yielded positive returns over the measured period on platforms like TipRanks, he continues to support senior analysts with industry research and valuation analysis. Faria holds credentials anticipated for his role, including securities licensing through FINRA, and is recognized for his growing expertise within Bank of America’s equity research division.

Gustavo Faria's questions to EBR leadership

Question · Q3 2025

Gustavo Faria asked about the operational aspects of modulation gain from hydroelectric power plants, the trading market for modulation hedging, its liquidity, and the price for future contracts. He also inquired about the recurrence and frequency of AXIA Energia's dividend payments.

Answer

Rodrigo Limp, EVP of Regulation, Institutional, and Markets at AXIA Energia, explained that hydroelectric modulation benefit was BRL 14-15 in the last quarter and is expected to grow. Italo Freitas, VP of Commercialization and Energy Solutions at AXIA Energia, noted that a liquid modulation product for trading does not currently exist. Eduardo Haiama, CFO of AXIA Energia, stated that dividend methodology is updated quarterly, with payments depending on significant events and the model's discipline.

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Question · Q3 2025

Gustavo Faria asked about the operational aspects of modulation gain from hydroelectric power plants, including the trading market, liquidity for future modulation hedging, and future contract prices. He also inquired about the recurrence of dividend payments, specifically if quarterly payouts could be expected.

Answer

Rodrigo Limp, EVP of Regulation, Institutional, and Markets, stated that hydroelectric modulation benefit was BRL 14-BRL 15 in the last quarter and is expected to grow. Italo Freitas, VP of Commercialization and Energy Solutions, clarified that a liquid modulation product doesn't exist in the current energy-only market, requiring regulatory changes. Eduardo Haiama, CFO, explained that dividend recurrence involves quarterly methodology updates based on significant events, but a fixed quarterly payout depends on the model and financial health.

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Gustavo Faria's questions to Pampa Energy (PAM) leadership

Question · Q2 2025

Inquired about a potential bid for Total's assets, the timetable for power sector liberalization, and the potential upside from it.

Answer

Pampa is interested in growing its oil acreage but is bound by NDAs regarding specific M&A. There are no synergies with Total's assets. The power liberalization timetable is unknown but they are optimistic for news soon. Deregulation would benefit their low-cost thermal units.

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