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    Javier Perez Alvez

    Senior Analyst at Mirabaud Asset Management

    Javier Perez Alvez is a Senior Analyst at Mirabaud Asset Management, specializing in European equities with a focus on financial services and consumer sectors. He covers major listed companies such as Santander, BBVA, Amadeus, and Inditex, providing actionable investment research that has generated solid returns over multi-year periods. Perez Alvez began his analyst career in the mid-2000s, holding roles at Santander Asset Management and other firms before joining Mirabaud Asset Management in 2019. He holds a CFA charter and maintains relevant professional registrations including Spanish CNMV and MiFID II certifications.

    Javier Perez Alvez's questions to BBB FOODS (TBBB) leadership

    Javier Perez Alvez's questions to BBB FOODS (TBBB) leadership • Q1 2025

    Question

    Javier Perez Alvez from Mirabaud Asset Management questioned the long-term use of significant stock-based compensation in a low-margin retail business and raised investor concerns about future dilution and the CEO's recent stake sale.

    Answer

    Executive Kamal Hatoum defended stock-based compensation as a high-return investment crucial for driving the company's growth and entrepreneurial culture, stating its use will continue. He noted his stake sale was small and for fiscal reasons. CFO Eduardo Pizzuto added that full dilution from all programs is accounted for and illustrated in public documents.

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