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    Lucas Mussi

    Research Analyst at Morgan Stanley

    Lucas Mussi is an Equity Research Analyst at Morgan Stanley based in São Paulo, specializing in coverage of companies within the Latin American consumer and food sectors, notably including Grupo Bimbo and other major regional names. He is recognized for his insightful earnings call participation and industry expertise, though specific performance metrics such as TipRanks rankings or returns generated are not publicly available. Mussi began his finance career as an Investment Banking Analyst at Morgan Stanley before progressing to roles in private equity at Warburg Pincus and venture capital at GGV Capital, and is currently enhancing his credentials as an MBA candidate at Harvard Business School. He holds a BA in Economics from Universidade de Brasilia and maintains regulatory credentials required for his analyst role, including FINRA registration and relevant securities licenses.

    Lucas Mussi's questions to BRF (BRFS) leadership

    Lucas Mussi's questions to BRF (BRFS) leadership • Q2 2024

    Question

    Lucas Mussi asked about the differing dynamics between poultry cuts and breeder stock housing, and which international markets BRF finds most attractive for the short and long term given its new export permits.

    Answer

    CFO Fabio Mariano noted that BRF manages its supply chain from the top and that breeder stock adjustments are part of managing overall supply, with a slight reduction expected next year. CEO Miguel Gularte highlighted that the immediate strategy is to capitalize on the 57 new permits to add value. He identified the Middle East (MENA) as a key growth market where BRF is a leader with an iconic brand, while also stressing the importance of diversifying destinations to maintain commercial health.

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    Lucas Mussi's questions to BRF (BRFS) leadership • Q1 2024

    Question

    Lucas Mussi from Morgan Stanley asked for a short-term cost outlook, specifically if it's reasonable to expect grain costs to rise quarter-over-quarter in Q2. He also inquired about the sustainability of international prices into Q2, questioning if the Q1 strength was driven by non-repeating factors like Ramadan or a specific country mix.

    Answer

    CEO Miguel de Souza Gularte clarified that the company does not hold short-term grain inventories that would put supply at risk. He expects feed costs to remain stable from Q1 to Q2, with potential positive effects from ongoing efficiency improvements. Regarding international prices, he noted that the recovery was broad-based across all regions, not just Halal markets. He expressed confidence in Q2 resilience, as the company took advantage of good price levels in Q1 to extend its order book, providing more stability.

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