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    Igor Guedes

    Research Analyst at Genial Investimentos

    Igor Guedes is the Lead Equity Research Analyst specializing in Latin American Metals & Mining at Genial Investimentos, where he covers major companies such as Usiminas (USIM5), BRF (BRFS3), and other commodity producers. Guedes consistently delivers precise company forecasts, exemplified by his 9.3% 12-month target price upside for Usiminas and reviews of BRF's positive performance relative to market expectations. Having joined Genial Investimentos prior to 2024, he leads analysis of operating metrics and financials and ensures regulatory compliance under Brazil's CVM Instruction 598/2018. He holds analyst registration with the Brazilian Securities and Exchange Commission (CVM) and is recognized for his thorough sector coverage in equity research.

    Igor Guedes's questions to JBS (JBS) leadership

    Igor Guedes's questions to JBS (JBS) leadership • Q2 2025

    Question

    Igor Guedes of Genial Investimentos asked about the U.S. Pork unit's performance, specifically whether margins could have been stronger without the negative impact on offal prices from Chinese trade issues, and if a return to normal shipment levels was expected.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, confirmed that the trade disruption with China was a key factor in the quarter's performance. He stated that trade has already resumed and is back to normal as of the call date, implying a normalization of margins going forward.

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    Igor Guedes's questions to GERDAU (GGB) leadership

    Igor Guedes's questions to GERDAU (GGB) leadership • Q1 2025

    Question

    Igor Guedes sought clarification on the difference between managerial CapEx and its cash effect, asking about the expected trend for the year. He also pressed for details on the pricing policy for long steels, specifically the trade-off between profitability and market share.

    Answer

    CFO Rafael Japur explained that the variance between managerial and cash CapEx is a timing difference in supplier payments that will normalize over the year. On pricing, CEO Gustavo Werneck was unequivocal, stating that for rebar in the distribution channel, 'there is no trade-off. Our issue here is market share period.' This indicates a clear strategic priority to defend and grow its position, leveraging its cost structure and balance sheet.

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    Igor Guedes's questions to JBSAY leadership

    Igor Guedes's questions to JBSAY leadership • Q4 2024

    Question

    Asked if JBS Brazil could increase its export share to mitigate domestic margin pressure from rising cattle prices. Also questioned if there is still room for beef cutout prices to increase in Brazil or if demand elasticity would limit further hikes.

    Answer

    The company's commitment is to supply all its markets, not to shift product from one to another. They believe their brand management and value-add strategy (e.g., Friboi, Maturatta) allow them to develop both domestic and export markets simultaneously. The strength and consistency of their brand serves as a hedge against market pressures.

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    Igor Guedes's questions to Suzano (SUZ) leadership

    Igor Guedes's questions to Suzano (SUZ) leadership • Q2 2024

    Question

    Igor Guedes asked for a technical clarification on why capitalized interest is included in the working capital variation line on the cash flow statement, rather than being separated with other debt-related flows.

    Answer

    Executive Marcelo Bacci explained that this is a technical accounting item where interest related to the Cerrado project's construction must be capitalized according to accounting rules. Since it doesn't appear in the CapEx line, it requires an adjustment in the cash flow statement. He offered further clarification via the Investor Relations team.

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    Igor Guedes's questions to NATIONAL STEEL (SID) leadership

    Igor Guedes's questions to NATIONAL STEEL (SID) leadership • Q2 2024

    Question

    Igor Guedes asked if there was potential to extract further synergies from the acquired Lafarge Holcim assets and inquired about the utilization rate of those specific assets.

    Answer

    Executive Edvaldo Rabelo confirmed that while over 100% of the original synergy targets have been captured, the process is dynamic and ongoing investments are being made to eliminate bottlenecks and enhance efficiency. An unnamed executive added that significant upside still exists in optimizing logistics, including freight costs and distribution models, which is a key focus for improving profitability further.

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    Igor Guedes's questions to NATIONAL STEEL (SID) leadership • Q2 2024

    Question

    Igor Guedes asked about the cement business, specifically if there were any remaining synergies to be extracted from the Lafarge Holcim acquisition and what the current utilization rate of those assets was.

    Answer

    Executive Edvaldo Rabelo stated that the company has already captured over 100% of the originally planned synergies and continues to find more as it invests in eliminating bottlenecks and improving asset efficiency. An unnamed executive added that significant upside still exists in logistics, where CSN is working to optimize its distribution network and freight costs to further improve profitability.

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