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    Gustavo Fratini

    Research Analyst at Bank of America Corporation

    Gustavo Fratini is an analyst at Bank of America Corporation, bringing a focus on financial analysis and capital markets research. While information on his exact title, company coverage, and quantifiable performance metrics is not found in public sources, it appears he contributes to the firm's analytical and research functions. There is no evidence available of previous employment at other financial firms or a detailed career timeline. Likewise, verifiable professional credentials or FINRA registrations are currently unavailable in public records.

    Gustavo Fratini's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    Gustavo Fratini's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q1 2025

    Question

    Gustavo Fratini from Bank of America pointed out that same-store sales growth, while strong, had slowed from Q4 and was slightly below inflation. He asked for management's view on this trend and the competitive landscape.

    Answer

    Marcelo Pimentel, an executive, contextualized the 7.3% growth as a very strong result against a tough comparison from 2024. He emphasized that growth was driven by volume, not just price, and highlighted the robust 16.9% increase in online sales, which achieved a 9.9% EBITDA margin. Pimentel asserted that the performance demonstrates the strategy's strength despite macroeconomic uncertainties and competitive pressures.

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    Gustavo Fratini's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Gustavo Fratini from Bank of America Corporation asked for clarification on the company's tax contingencies, noting a significant drop in some areas but growth in the PIS/COFINS line, and inquired about the underlying discussions and potential timing for cash disbursements.

    Answer

    Executive Rafael Russowsky explained that the contingencies are an inheritance from past businesses. The large ICMS reduction was due to favorable agreements with the states of Sao Paulo and Bahia. The BRL 6 billion PIS/COFINS contingency relates to two major, market-wide tax theses common in the retail sector ('bonus thesis' and 'essential inputs thesis'). He emphasized that these are still in administrative stages, and a final ruling will take considerable time. While the company is actively seeking agreements to mitigate these risks, he could not provide a specific timeline for resolution or cash impact.

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    Gustavo Fratini's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q4 2024

    Question

    Gustavo Fratini from Bank of America Corporation asked for details on the company's tax contingencies, focusing on the growing PIS/COFINS line and seeking clarity on the nature of the discussions and potential cash disbursement timing.

    Answer

    Executive Rafael Russowsky explained that the BRL 6 billion PIS/COFINS contingency relates to two main market-wide theses (bonus thesis and essential inputs) used by the entire retail sector. He emphasized these are relatively new, are still in administrative instances rather than final court rulings, and are considered sound by their consultants. While not providing a specific timeline, he stated the company is actively seeking transactional solutions to mitigate these risks, similar to the successful ICMS agreements it previously secured with the states of Sao Paulo and Bahia.

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