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    Gustavo Gala

    Senior Equity Research Analyst at Monness, Crespi, Hardt & Co., Inc.

    Gustavo Gala is a Senior Equity Research Analyst at Monness, Crespi, Hardt & Co., Inc., specializing in the payments, processors, and information services sectors. He covers companies such as American Express, PayPal, Visa, Coinbase Global, Global Payments, Marqeta, and International Money Express, maintaining a coverage universe focused on financial and technology-driven firms. With a 50% success rate and an average return of 2.61% based on over 20 published ratings, Gala is ranked #2,491 out of 4,784 analysts on StockAnalysis, with recent calls including Buy recommendations on American Express, PayPal, and Coinbase. Previously, he was an Equity Research Associate at Truist Securities before joining Monness, Crespi, Hardt, bringing industry experience and strong sector expertise. His professional credentials include typical regulatory registrations for analysts in equities research, though specific license numbers are not publicly listed.

    Gustavo Gala's questions to Remitly Global (RELY) leadership

    Gustavo Gala's questions to Remitly Global (RELY) leadership • Q2 2025

    Question

    Gustavo Gala asked about the expected moderation in customer acquisition cost (CAC) in the second half of the year and sought clarification on the drivers of the raised guidance, specifically how much was attributable to new innovations versus the core business.

    Answer

    CFO Vikas Mehta clarified that the guidance increase was driven primarily by the core business, as new initiatives are still in early stages. Regarding marketing, he explained that the second-half outlook reflects tough comparisons to last year's efficiency gains, combined with new targeted investments to support product launches, all while maintaining strong LTV/CAC ratios.

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    Gustavo Gala's questions to Remitly Global (RELY) leadership • Q1 2025

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Co. questioned the Q2 revenue guidance, suggesting it seemed conservative, and asked about the expected trend for marketing per active user in the second half of the year.

    Answer

    CFO Vikas Mehta stated the guidance is prudent given macro uncertainties but reflects durable underlying business drivers. Regarding marketing, he confirmed that while efficiency remains a focus, the significant year-over-year leverage seen recently is expected to moderate and stabilize in the second half of 2025 due to tougher comparisons.

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    Gustavo Gala's questions to Remitly Global (RELY) leadership • Q3 2024

    Question

    Gustavo Gala asked if Remitly is seeing marketing efficiencies as it diversifies into newer, non-core geographies and how the RLTE growth and contribution margin of these newer corridors compare to core ones.

    Answer

    CEO Matt Oppenheimer confirmed that the company has a well-established marketing playbook that it has successfully rolled out across its 170 receive corridors, leading to the efficiencies seen in the P&L. Regarding RLTE, he emphasized that the focus is on optimizing total RLTE dollars rather than the margin percentage, and that the company expects stability to modest increases over time with some quarterly variability.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership

    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q1 2025

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Company asked about customer retention trends in both the retail and digital segments, including the performance of the Amigo Paisano brand. He also inquired about the monthly performance cadence during the quarter and whether management sees signs of a trough in retail traffic.

    Answer

    CEO Robert Lisy detailed the retail customer acquisition model, which focuses on a 7-month payback per new agent, and noted same-store retail performance is down in the high single digits, consistent with the market. Chief Digital Officer Marcelo Theodoro stated digital retention improved slightly quarter-over-quarter. Lisy explained they analyze performance in 4-week segments, not monthly, and believe a retail recovery depends on the macro environment and their new strategy of using aggressive pricing to gain share in underdeveloped markets.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q1 2025

    Question

    Inquired about customer retention trends in retail and digital, the monthly performance cadence during the quarter to identify a potential trough, and the competitive pricing environment in the industry.

    Answer

    Management stated that retail retention is viewed through the agent network, with a focus on adding new agents in underpenetrated markets. Digital retention is slightly improving. They analyze performance in 4-week segments, not monthly, and believe a retail trough depends on macro factors and new pricing strategies. The competitive pricing environment is seen as rational, and Intermex plans to use targeted aggressive pricing to gain incremental market share.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q4 2024

    Question

    Asked about the strategic rationale, economics, and user retention for the Amigo Paisano acquisition. Also inquired about the digital marketing strategy, ROI comfort, and the plan for retail headcount additions.

    Answer

    Executives explained that Amigo Paisano was a strategic acquisition of a key partner at an attractive multiple, bringing valuable talent and a customer base they intend to grow. The digital marketing strategy is becoming more efficient, with stable or decreasing acquisition costs due to better data analysis and in-house expertise. The retail headcount additions are focused on both acquiring new agents in underpenetrated Western states and driving productivity at existing agents, particularly in the East.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q3 2024

    Question

    Gustavo Gala asked about competitive pressures in retail, the growth of digital share in Latin America, consumer banking behavior shifts, and the rationale for removing guidance amid a strategic review.

    Answer

    CEO Robert Lisy explained that retail market softness stems from slower overall market growth (flat to 2%) and the rise of digital to ~30% of the LatAm market, not new competitive issues. He stated Intermex still outgrows the retail market, though the spread has narrowed. Lisy also cited the company's market undervaluation and the need for investment flexibility to build its digital business as primary drivers for the strategic review and the removal of guidance.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q2 2024

    Question

    Gustavo Gala inquired about the growth assumptions for key markets and channels, competitive pressures in the U.S. agent network, the impact of the Sigue shutdown, and the company's capital allocation priorities between share buybacks and M&A.

    Answer

    CEO Robert Lisy explained that market softness is primarily macro-driven, not from major competitors, and that Intermex is outperforming in both retail and digital channels despite being overweight in retail. He noted the Sigue shutdown had minimal impact as the company had already declined significantly. CFO Andras Bende stated that future capital allocation would likely mirror Q2, with a continued focus on buybacks while also reserving capital for M&A opportunities. Lisy added that potential M&A targets include agent networks and digital-related businesses.

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    Gustavo Gala's questions to International Money Express (IMXI) leadership • Q2 2024

    Question

    Gustavo Gala inquired about the growth assumptions for key markets and channels, competitive pressures in the U.S. agent base, the potential impact of new sales leadership, the market effects of Sigue's shutdown, and the company's capital allocation priorities between M&A and share buybacks.

    Answer

    CEO Robert Lisy explained that current market softness is more macro-driven than competitive, stating Intermex is outperforming both the retail and digital markets but is currently overweight in retail. He noted Sigue's market impact was minimal as it had declined over time. CFO Andras Bende added that capital allocation will likely mirror Q2, with a slight reduction in buybacks to fund a U.K. acquisition and preserve capital for other M&A opportunities, which Mr. Lisy described as including potential retail and digital targets.

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    Gustavo Gala's questions to EURONET WORLDWIDE (EEFT) leadership

    Gustavo Gala's questions to EURONET WORLDWIDE (EEFT) leadership • Q1 2025

    Question

    Gustavo Gala asked about the drivers of the Ria digital shift, including marketing efficiency and gross profit retention, competition in the U.S. independent channel, and the scale of the EFT opportunity in Latin America.

    Answer

    CEO Michael Brown attributed strong Money Transfer results to an omnichannel strategy that retains customers as they move to digital. CFO Rick Weller noted that gross profit per transaction slightly increased and that intense competition is standard in their business. Regarding Latin America, Brown explained that while the Prosegur JV is new, the opportunity is large because nearly all cross-border transactions are cross-currency, offering significantly higher DCC revenue potential than in Europe.

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    Gustavo Gala's questions to EURONET WORLDWIDE (EEFT) leadership • Q4 2024

    Question

    Gustavo Gala of Monness, Crespi, Hardt & Company inquired about Money Transfer trends, including the margin impact of digital mix versus new market entry, and asked if the new 12-16% EPS growth guidance represents a new medium-term framework.

    Answer

    CEO Michael Brown explained that entering new geographies often results in higher initial margins due to less competition. He also expressed his hope that the 12-16% growth rate could be sustained long-term, noting the company's 20-year average was 13.5%. He proactively added that a strong economy, not immigration policy, is the primary driver for the Money Transfer business.

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    Gustavo Gala's questions to EURONET WORLDWIDE (EEFT) leadership • Q3 2024

    Question

    Gustavo Gala inquired about the future of EFT segment margins, noting recent strong performance and asking if the historical high-30% range is still a relevant benchmark given new fee structures and the scaling of the merchant services business.

    Answer

    CFO Rick Weller stated that while he expects operating profits to grow faster than revenue, margins are unlikely to return to pre-COVID levels due to cost inflation and the mix effect from the lower-margin, high-growth Merchant Services business. CEO Michael Brown added that the Merchant Services business has an EBITDA margin of about 25%, which tempers the segment average. Executive Kevin Caponecchi also discussed investments in diversifying epay's product portfolio away from third-party content.

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    Gustavo Gala's questions to AMERICAN EXPRESS (AXP) leadership

    Gustavo Gala's questions to AMERICAN EXPRESS (AXP) leadership • Q1 2025

    Question

    Gustavo Gala asked how American Express is enhancing its value proposition in restaurants to win Millennial/Gen Z share and what other experiential categories are being targeted.

    Answer

    CEO Stephen Squeri pointed to the Gold card as a prime example, with its dining rewards and credits. He highlighted the acquisitions of Resy and Tock as creating a 'closed loop within a closed loop' for the restaurant vertical. He also identified travel, specifically lodging and airlines, as another key area, citing the Platinum card's Fine Hotels & Resorts program as a way to provide differentiated value that appeals to younger demographics.

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