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    Lindsey Shema

    Global Investment Research Analyst at The Goldman Sachs Group, Inc.

    Lindsey Shema is a Global Investment Research Analyst at The Goldman Sachs Group, Inc., focusing on financial analysis within the investment research division. She frequently participates in earnings calls and covers companies such as B3, engaging directly with executives and providing analytical insights on shareholder returns and capital allocation. Shema began her career as a Compliance Summer Analyst at Goldman Sachs while studying at Vanderbilt University, and transitioned into her current global research analyst role following her graduation. With a strong academic background and experience in compliance and research, Shema's professional credentials position her as a promising early-career analyst in equity research.

    Lindsey Shema's questions to CREDICORP (BAP) leadership

    Lindsey Shema's questions to CREDICORP (BAP) leadership • Q2 2025

    Question

    Lindsey Shema from Goldman Sachs followed up on cost of risk, asking where the ratio is expected to trend in the long term. She also requested a breakdown of the updated loan growth expectations by segment.

    Answer

    CFO Alejandro Perez-Reyes stated that after reaching a more representative level at year-end, the cost of risk is expected to increase for some years as the company strategically grows its higher-risk, higher-yielding portfolios, which will ultimately improve overall profitability. CEO Gianfranco Ferrari reiterated that the strategy is based on optimizing risk-adjusted NIM. Perez-Reyes also confirmed that the expected 6.5% end-of-period loan growth will be driven primarily by retail segments, specifically mortgages and consumer loans at BCP, as well as by Mibanco.

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    Lindsey Shema's questions to Vinci Compass Investments (VINP) leadership

    Lindsey Shema's questions to Vinci Compass Investments (VINP) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs Group, Inc. questioned the timeline for the Fee Related Earnings (FRE) margin to expand to the low-thirties percent range and the specific levers driving this. She also sought clarity on the path of Performance Related Earnings (PRE) realizations leading up to 2027.

    Answer

    Bruno Zaremba, President of Finance & Operations, projected reaching a low-30s FRE margin by Q2 or Q3 of 2026, driven by cost synergies from the Compass combination, IT optimization, and the cycling off of non-recurring expenses. For PRE, he detailed a multi-stage cycle for closed-end funds: net income impact from appreciation starting 2026, distributable earnings from capital returns around 2027, and full PRE realization beginning circa 2028.

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    Lindsey Shema's questions to Grupo Cibest (CIB) leadership

    Lindsey Shema's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs requested a segment breakdown of the updated loan growth guidance and asked about the strategy for sustaining a 16% ROE amid expected pressures on margins and cost of risk.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff provided the updated 2025 loan growth guidance: 4.2% for commercial, 7% for consumer, and 7.5% for mortgage loans, for an overall growth of 5.4%. He explained that the sustainable 16% ROE is achievable through operational improvements, better asset quality, and efficient capital management, including the ongoing share buyback program and management of the double leverage ratio.

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    Lindsey Shema's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Lindsey Shema asked for a detailed breakdown of the updated, faster loan growth guidance by segment and questioned the pathway to maintaining a sustainable 16% ROE, given expected future pressures on cost of risk and NIM.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff provided the loan growth breakdown: commercial loans at 4.2%, consumer at 7%, and mortgages at 7.5%. He explained that the sustainable 16% ROE is achievable through a combination of operational improvements across all geographies and strategic capital management, including the ongoing share buyback program and management of the double leverage ratio, which provides flexibility.

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    Lindsey Shema's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs asked for a detailed breakdown of the updated loan growth guidance, particularly the dynamics between consumer and commercial segments. She also inquired about the strategy to maintain a sustainable 16% ROE in the future, given expected pressures on NIM and cost of risk.

    Answer

    VP of Strategy & Finance, Mauricio Botero Wolff, provided the loan growth breakdown: 4.2% for commercial, 7% for consumer, and 7.5% for mortgages, contributing to the 5.4% overall guidance. He explained that the 16% sustainable ROE will be achieved through a combination of operational improvements across all geographies and efficient capital management, including the share buyback program and optimizing the double leverage ratio.

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    Lindsey Shema's questions to BANK OF CHILE (BCH) leadership

    Lindsey Shema's questions to BANK OF CHILE (BCH) leadership • Q2 2025

    Question

    Lindsey Shema asked for details on the specific cost control initiatives that led to lower-than-expected expense growth. She also questioned the future trajectory of expenses and the timeline for the efficiency ratio to approach the bank's stated target of below 42%.

    Answer

    Head of IR Pablo Mejia attributed the strong cost control to a significant reduction in the branch network, increased digitalization, and optimization of loyalty programs and marketing spend. He clarified that the 'below 42%' efficiency ratio is an upper limit, not a target to return to, and the bank will continue seeking incremental efficiencies. He noted the full-year 2025 guidance is for an efficiency ratio of around 38%.

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