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    João Francisco Frizo

    Research Analyst at Goldman Sachs

    João Francisco Frizo is an analyst at Goldman Sachs specializing in coverage of Latin American transportation infrastructure companies, notably leading research on firms such as Grupo Aeroportuario del Centro Norte (OMAB) and Grupo Aeroportuario del Pacífico (PAC). He has been recognized for his 'Strong Buy' and 'Buy' recommendations on these companies, with reported success metrics such as a 64% profitable rating record and average returns of nearly 6% on PAC, highlighting his strong analytical performance in the sector. Frizo has actively participated in earnings calls and industry events since joining Goldman Sachs and has built his reputation on in-depth sector expertise, though specific earlier career history and professional credentials such as FINRA registrations remain undisclosed. His coverage and investment calls have made him a visible presence in Latin America's listed infrastructure landscape.

    João Francisco Frizo's questions to LATAM AIRLINES GROUP (LTM) leadership

    João Francisco Frizo's questions to LATAM AIRLINES GROUP (LTM) leadership • Q1 2025

    Question

    João Francisco Frizo asked what would trigger an extraordinary dividend given improving leverage, sought an update on selling shareholders' intentions, and asked if the jet fuel guidance includes hedges.

    Answer

    CEO Roberto Alvo Milosawlewitsch stated that discussions with the board about capital allocation, including additional dividends or buybacks, are ongoing. He noted there was no new information on shareholders' selling decisions. He also confirmed the $90/barrel jet fuel guidance is aligned with the company's hedging strategy and forecast.

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    João Francisco Frizo's questions to SOUTHEAST AIRPORT (ASR) leadership

    João Francisco Frizo's questions to SOUTHEAST AIRPORT (ASR) leadership • Q3 2024

    Question

    João Francisco Frizo questioned the flat sequential performance of Mexico's non-aeronautical revenues despite a favorable currency depreciation and asked about the outlook for this segment.

    Answer

    Adolfo Castro Rivas clarified that the focus should be on commercial revenues, which were impacted by a higher mix of domestic traffic this quarter, reducing duty-free sales. He also mentioned that revenue growth is constrained by congestion in Cancun's Terminal 2, a situation expected to be resolved when the new Terminal 1 opens in Q2 2026.

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    João Francisco Frizo's questions to AZUL leadership

    João Francisco Frizo's questions to AZUL leadership • Q2 2024

    Question

    Asked for clarification on the CapEx run-rate for the second half of 2024 and for 2025, particularly for maintenance, and for an outlook on cash generation in the second half of the year.

    Answer

    The company clarified that the BRL 1 billion+ maintenance CapEx figure was an order of magnitude, not guidance. Cash CapEx will be reduced in H2 due to an available, undrawn credit facility. Cash generation is expected to be significantly stronger in H2, driven by seasonal strength and higher EBITDA production.

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