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    Leonardo Marcondes

    Research Analyst at Bank of America

    Leonardo Marcondes is an Equity Analyst at Bank of America Securities, specializing in coverage of Latin American energy and industrial companies, with a particular focus on firms such as Vista Oil & Gas, YPF Sociedad Anónima, and Braskem. He covers at least five stocks in the general and energy sectors and has published buy ratings and price targets on major regional players. His current analyst performance metrics include a 0.72-star rating on TipRanks, reflecting active coverage but limited available public data on success rates or investment returns. Marcondes previously held an equity research role at Itaú BBA before joining Bank of America Merrill Lynch and holds an established reputation for Latin American corporate analysis, with direct institutional clients and buy-side engagement.

    Leonardo Marcondes's questions to YPF SOCIEDAD ANONIMA (YPF) leadership

    Leonardo Marcondes's questions to YPF SOCIEDAD ANONIMA (YPF) leadership • Q2 2025

    Question

    Leonardo Marcondes inquired about the expected timeline for completing both Phase 1 and Phase 2 of the Andes divestment project, the production and EBITDA impact of Phase 2, and whether there are any discussions with the government to reduce oil export tariffs.

    Answer

    CEO Horacio Daniel Marín stated that Andes Phase 1 is nearly finished, with final agreements pending in Rio Negro and Tierra del Fuego. He detailed that Andes Phase 2 involves all remaining conventional blocks, which produce approximately 50,000 barrels of oil per day and 2 million cubic meters of gas per day, representing about 8% of 2024's EBITDA. Regarding export tariffs, he stated that this is a matter for the government to decide.

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    Leonardo Marcondes's questions to YPF SOCIEDAD ANONIMA (YPF) leadership • Q2 2025

    Question

    Leonardo Marcondes from Bank of America asked for an update on the divestment timeline for the Andes project, details on Phase 2's production and EBITDA impact, and whether YPF anticipates a reduction in the government's oil export tariff.

    Answer

    CEO Horacio Daniel Marín reported that Andes Phase 1 is nearly complete. He detailed that Phase 2 involves divesting all remaining conventional blocks, which produce approximately 50,000 barrels of oil per day and 2 million cubic meters of gas per day, representing about 8% of 2024's EBITDA. The goal is for YPF to become a pure unconventional company. He stated that government tariff policy is a matter for the government to address.

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    Leonardo Marcondes's questions to YPF SOCIEDAD ANONIMA (YPF) leadership • Q2 2025

    Question

    Leonardo Marcondes from Bank of America asked for an update on the 'Andes' divestment project, seeking details on the timeline for Phase 1 and the production and EBITDA impact of Phase 2. He also inquired about any discussions to reduce oil export tariffs.

    Answer

    CEO Horacio Daniel Marín stated that Andes Phase 1 is nearly complete. He detailed that Phase 2 involves divesting all remaining conventional blocks, which produce approximately 50,000 barrels of oil per day and represent about 8% of 2024's EBITDA. This move aims to transform YPF into a pure unconventional player. Regarding export tariffs, he clarified that this is a government matter and he could not comment.

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    Leonardo Marcondes's questions to YPF SOCIEDAD ANONIMA (YPF) leadership • Q2 2025

    Question

    Leonardo Marcondes of Bank of America asked for an update on the 'Andes' divestment project, seeking details on the timing for completing Phase 1, the production and EBITDA impact of Phase 2, and the timeline for the second phase. He also questioned if there were any expectations for a reduction in oil export tariffs.

    Answer

    CEO Horacio Daniel Marín stated that Phase 1 of the Andes project is nearly complete, with only a final approval pending in Rio Negro and negotiations concluding in Tierra del Fuego. He detailed that Phase 2 involves divesting all remaining conventional blocks, with production of approximately 50,000 barrels of oil per day and 2 million cubic meters of gas per day, representing about 8% of 2024 EBITDA. Regarding export tariffs, he deferred to the government, stating he could not comment on regulatory matters.

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    Leonardo Marcondes's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership

    Leonardo Marcondes's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership • Q2 2025

    Question

    Leonardo Marcondes from Bank of America inquired about the initial 30-day production (IP30) rates assumed in the guidance for La Amarga Chica and Bajada del Palo Este, and asked if there was further room to improve productivity through collaboration with YPF.

    Answer

    CEO Miguel Galuccio clarified that while La Amarga Chica's peak oil rates may seem slightly lower, this is due to different operator strategies for choke management. He emphasized that Vista prioritizes the well's Estimated Ultimate Recovery (EUR) over peak oil, and on that basis, La Amarga Chica is as good as Bajada Del Palo Este. He confirmed that open collaboration with YPF is already identifying opportunities to apply best practices and improve performance across both assets.

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    Leonardo Marcondes's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership • Q1 2025

    Question

    Leonardo Marcondes inquired whether Vista would continue to pursue other M&A opportunities following the major acquisition of the La Amarga Chica stake.

    Answer

    Chairman and CEO Miguel Galuccio affirmed that M&A remains a core part of Vista's strategy. He stated that the company's increased scale and stronger cash flow profile would support the continued assessment of new opportunities, while maintaining strict discipline on value accretion and strategic fit.

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    Leonardo Marcondes's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership • Q4 2024

    Question

    Leonardo Marcondes questioned why Vista does not accelerate its production growth further by adding more equipment, and if capital is a constraint, why not consider a follow-on offering.

    Answer

    CEO Miguel Galuccio responded that the company's planned 35-40% growth is already exceptionally high and that the key is finding the optimal pace to maximize the Net Present Value (NPV) of its assets by balancing development with derisking. He asserted that capital is not the constraint and believes the company, despite its high valuation multiple in LatAm, remains undervalued compared to U.S. peers with similar growth profiles.

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    Leonardo Marcondes's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership • Q3 2024

    Question

    Leonardo Marcondes asked about the timeline for exploring potential upside from different landing zones in Vaca Muerta, as highlighted in a corporate presentation.

    Answer

    Chairman and CEO Miguel Galuccio acknowledged the upside potential from testing new zones but clarified that 2025 will remain a year of 'full development' on primary targets. While they will continue to assess these other zones opportunistically to add future reserves, there is no plan to shift the main development focus next year.

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    Leonardo Marcondes's questions to BRASKEM (BAK) leadership

    Leonardo Marcondes's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Leonardo Marcondes focused on the U.S. and Europe segment, asking for context on its performance, noting that despite a rise in propylene prices, the segment's margin remained relatively low compared to other quarters. He sought to understand the underlying dynamics of polypropylene that affected the results.

    Answer

    Executive Rosana Avolio acknowledged the improved EBITDA but explained that the full benefit of higher propylene prices was not realized due to both planned and unplanned shutdowns at supplier plants. These disruptions limited Braskem's ability to fully leverage its feedstock purchasing flexibility and virtual integration advantages in the U.S. Executive Roberto Ramos added that the U.S. propylene supply is variable and that future market shifts could enhance the competitiveness of Braskem's U.S. assets.

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    Leonardo Marcondes's questions to BRASKEM (BAK) leadership • Q1 2025

    Question

    Leonardo Marcondes noted that the U.S. and Europe segment margin was relatively low despite a rise in propylene prices and asked for more context on the factors affecting the segment's performance during the quarter.

    Answer

    Executive Rosana Avolio explained that while Braskem is the largest polypropylene producer in the U.S. and typically benefits from rising propylene prices due to its 'virtual integration' with diverse feedstock suppliers, this advantage was limited in Q1. Planned and unplanned shutdowns at some of its key suppliers restricted the company's ability to fully capitalize on its feedstock flexibility. Executive Roberto Ramos added that the variability in propylene supply from dehydrogenation plants is a key market dynamic, and Braskem is confident in its ability to increase production to meet future demand.

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    Leonardo Marcondes's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Leonardo Marcondes's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q2 2024

    Question

    Leonardo Marcondes inquired about Ultracargo's spot market dynamics and H2 outlook, the potential impact of an ANP (gas agency) strike on Ipiranga, and whether Ultrapar would consider expanding into other areas of the grains value chain.

    Answer

    Executive Andre Zaia characterized Ultracargo's lower Q2 spot volume as a one-off effect of import variability and expects a return to normal opportunities in H2. Executive Leonardo Linden did not anticipate a significant impact from a potential ANP strike. CEO Marcos Lutz confirmed no current plans to expand into the pure grains business but would analyze opportunities with discipline.

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