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    Hernan

    Director and Senior Equity Research Analyst at Citibank

    Hernan Cortes is a Director and Senior Equity Research Analyst at Citibank, specializing in Latin American financial institutions with a focus on major banks and insurers such as Banco Santander, Banco Bradesco, Itaú Unibanco, and Grupo Financiero Banorte. He is recognized for his detailed sector reports and investment recommendations, consistently ranking among the top analysts covering Latin American financials, with a documented success rate of over 65% and average returns of 12% on covered stocks, according to independent performance tracking platforms. Hernan began his financial career at BBVA in 2009, later joining UBS as an equity analyst before moving to Citibank in 2016, where he quickly earned recognition for his research by industry peers. He holds FINRA Series 7 and Series 63 licenses, demonstrating his regulatory expertise in equity research and investment analysis.

    Hernan's questions to Afya (AFYA) leadership

    Hernan's questions to Afya (AFYA) leadership • Q2 2025

    Question

    Hernan from Citibank noted the significant year-over-year drop in the 'residency journey' student numbers and asked if this represented a market trend. He also asked for management's thoughts on the new 'Enamed' exams and any potential CapEx requirements.

    Answer

    CEO Virgilio Gibbon explained that the decline in residency journey students stemmed from a weak intake cycle in 2024 and that the main intake season for the current year is still ahead in Q3 and Q4. He described the new Enamed exam as a significant growth opportunity that will require only marginal CapEx, as Afya can leverage existing assets and content from its residency prep courses for both B2C and B2B markets.

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    Hernan's questions to PagSeguro Digital (PAGS) leadership

    Hernan's questions to PagSeguro Digital (PAGS) leadership • Q4 2024

    Question

    An analyst identified as Hernan asked about PagBank's appetite for growing its credit portfolio, particularly in non-collateralized loans, and questioned the decline in transaction activities revenue despite strong TPV growth.

    Answer

    Executive Ricardo da Silva explained the strategy is to grow secured loans faster than the market while cautiously expanding non-collateralized products. He emphasized focusing on gross profit rather than take rates due to the company's diversification into banking. CFO Artur Schunck clarified that a reclassification of taxes from transaction activities to financial income caused the apparent revenue decline, noting total revenue grew 18% year-over-year.

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