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    João Pedro Soares

    Research Analyst at Citigroup Inc.

    João Pedro Soares is an analyst at Citigroup Inc., specializing in equity research with a focus on providing both quantitative and qualitative analysis of stocks in line with current valuation trends and macroeconomic factors. He is responsible for covering a diverse selection of companies, offering detailed insights and investment recommendations based on expected future growth, though publicly disclosed performance metrics or company-specific track records are not currently available. Soares has built his career at Citigroup, where he continues to deepen his sector expertise and contribute to the firm’s analytical capabilities, but there is limited information on previous roles, start date, or formal performance rankings. Professional credentials such as FINRA registrations or securities licenses are not publicly specified at this time.

    João Pedro Soares's questions to MERCADOLIBRE (MELI) leadership

    João Pedro Soares's questions to MERCADOLIBRE (MELI) leadership • Q2 2025

    Question

    João Pedro Soares from Citi inquired about how MercadoLibre is adapting its logistics infrastructure for an increased mix of lower ASP items and how to think about the profitability of these products.

    Answer

    Commerce President Ariel Szarfsztejn emphasized a focus on long-term user relationships over single transactions, noting the downstream benefits of higher engagement. He explained that new, slower delivery options provide room to improve unit economics. While margins on individual low-ticket items will vary, he stated the overall initiative is expected to be net positive for the P&L in the long term as scale reduces unit shipping costs.

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    João Pedro Soares's questions to MERCADOLIBRE (MELI) leadership • Q4 2024

    Question

    Joao Pedro Soares inquired about the significance of high-risk products like micro cards and whether reducing their issuance could negatively impact the growth pace of GMV.

    Answer

    Osvaldo Giménez (Executive) stated that they do not expect any significant impact on GMV or other key metrics from reducing micro card issuance, explaining it will become a much smaller part of the mix. Martin de Los Santos (CFO) reinforced that the credit card remains a highly strategic product that the company will continue to grow as long as cohort performance meets expectations.

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    João Pedro Soares's questions to MERCADOLIBRE (MELI) leadership • Q3 2024

    Question

    Joao Pedro Soares asked how MercadoLibre is thinking about the macroeconomic environment in Brazil, particularly rising interest rates, in the context of its confident credit origination pace. He also sought clarification on the relative growth rates of the credit business in Mexico versus Brazil.

    Answer

    Executive Martin de Los Santos responded that the ability to accurately predict defaults is far more critical to their credit business than macro factors like interest rate changes. He reiterated that the acceleration is driven by confidence in their improved underwriting models. Osvaldo Giménez clarified that while specific country growth numbers aren't disclosed, the credit card issuance in Mexico is ramping up at a significantly faster rate than it did in Brazil's early stages, due to prior experience.

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    João Pedro Soares's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    João Pedro Soares's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q1 2025

    Question

    Joao Pedro Soares of Citi asked for quantification of assets still available for sale and sought to understand the path to improving cash conversion, considering working capital trends and potential asset sales.

    Answer

    Executive Rafael Russowsky stated that while he could not provide specific guidance, the value of potential asset sales could be in the 'dozens or hundreds of millions of reals.' He highlighted a 4-day improvement in working capital, with further opportunities in inventory management. Russowsky also noted that CapEx is planned at around 3% of revenue, with BRL 400-450 million for maintenance, and emphasized that the company's overall cash burn is declining as the turnaround progresses.

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    João Pedro Soares's questions to Sendas Distributor (ASAIY) leadership

    João Pedro Soares's questions to Sendas Distributor (ASAIY) leadership • Q4 2024

    Question

    João Pedro Soares requested clarification on the price versus volume dynamic within the Q4 same-store sales figures. He also asked for guidance on a more recurring level for financial revenues, given the non-recurring tax credit and swap effects in the quarter.

    Answer

    CFO Vitor Faga de Almeida explained that financial revenues were impacted by volatile, hard-to-forecast items like mark-to-market swap adjustments and monetary updates on tax credits, making it difficult to define a recurring baseline. Executive Belmiro de Gomes attributed the negative volume in same-store sales to two factors: a loss of reseller volume due to not matching competitor payment terms, and a drop in total tons sold from 'shrinkflation' in consumer packaged goods.

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    João Pedro Soares's questions to DESP leadership

    João Pedro Soares's questions to DESP leadership • Q1 2024

    Question

    Asked about the company's current market share in Brazil, supplier-side dynamics with airlines, the strategy for managing relationships with financial partners to reduce factoring costs, and whether B2B growth reduces the need for factoring.

    Answer

    The executive declined to provide specific market share figures but emphasized that the company is growing profitably with significant room for further expansion. They have a clear strategy to reduce financing costs by leveraging their growing scale to negotiate better rates and using their cash balance. They confirmed that B2B requires less factoring and that falling interest rates are also a positive trend.

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    João Pedro Soares's questions to ASAI leadership

    João Pedro Soares's questions to ASAI leadership • Q1 2024

    Question

    Asked about the potential for further gross margin improvement, the outlook for the full-year EBITDA margin given positive trends, and an explanation for the low financial revenue figure.

    Answer

    The company expects to maintain the current gross margin level rather than improve it, balancing it with competitiveness. They are not providing new full-year EBITDA guidance yet, despite positive signs. The low financial revenue was explained by the intra-month fluctuation of cash balances, where the average cash position is lower than the month-end figure.

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    João Pedro Soares's questions to ASAI leadership • Q4 2023

    Question

    Asked about organic expansion plans, including target regions and the evolving customer mix between B2B and B2C. Also requested a quantification of the CapEx difference between organic and conversion stores and the sustainable CapEx level per store.

    Answer

    Organic expansion is well-distributed across Brazil, including the Southeast, North, and Northeast. The new store formats and services are attracting more B2C customers for smaller, replenishment shopping trips. CapEx varies significantly based on project size and location; a BRL 70 million average for organic stores is a reasonable baseline, but it can range from BRL 40 million to higher amounts for larger stores. The key metric is the return on invested capital (ROIC), not just the absolute investment cost.

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    João Pedro Soares's questions to ASAI leadership • Q3 2023

    Question

    Questioned the more cautious tone regarding 2024 store openings, asking if it was due to balance sheet constraints, competitive saturation, or other factors. He also asked if the current G&A expense level could be considered a stable run-rate going forward.

    Answer

    The company clarified that the caution on 2024 openings is not due to competition but stems from the need to finalize the balance between expansion and deleveraging, a decision that is still pending for Q4. Regarding G&A, while costs are well-controlled, they expect administrative expenses to be diluted over time as sales grow at a faster pace than overhead.

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