Sign in

    Mauricio Cepeda • BTG Pactual

    Mauricio Cepeda's questions to Auna SA (AUNA) leadership

    Mauricio Cepeda's questions to Auna SA (AUNA) leadership • Q1 2025

    Question

    Mauricio Cepeda asked about the timing and rationale for the physician and supplier transition in Mexico and requested an update on the progress of risk-sharing agreements in Colombia.

    Answer

    Executive Chairman and President Jesús Zamora Leon clarified that the changes in Mexico are a core part of implementing the 'AunaWay' model to improve predictability and control, not a 'cleanup'. He acknowledged underestimating the economic impact on physicians but noted volumes are recovering. For Colombia, he stated that risk-sharing models now account for approximately 20% of revenue, up from 15% last year, with a target of 30% by year-end.

    Ask Fintool Equity Research AI

    Mauricio Cepeda's questions to Auna SA (AUNA) leadership • Q4 2024

    Question

    Mauricio Cepeda asked about the typical quarterly seasonality in Mexico and Peru, and Auna's strategy for demand growth in Monterrey, specifically regarding market share gains versus expanding the insured population.

    Answer

    Executive Chairman and President Suso Zamora explained that procedure volumes are typically slower at the year-end and beginning of the year, with Mexico seeing more pronounced growth in the second half. He emphasized a strategy in Monterrey focused on partnering with insurers and employers to expand the market and conquer high-complexity share. CFO and EVP Gisele Remy reiterated that softer volumes in Q4 and Q1 are common due to holidays and deferred elective procedures.

    Ask Fintool Equity Research AI

    Mauricio Cepeda's questions to Auna SA (AUNA) leadership • Q3 2024

    Question

    Mauricio Cepeda inquired about Auna's working capital management, specifically the sustainability of using supplier financing to offset rising accounts receivables from Colombia, and whether the recent provision for doubtful accounts is a one-time catch-up or a new run rate.

    Answer

    Jesús Zamora Leon, Executive Chairman and President, explained that the working capital balance is characteristic of the Colombian market and the situation is transitory, though the company is taking a conservative provisioning stance. Gisele Ferrero, CFO and Executive Vice President, added that the provisioning reflects a more conservative expected loss model for intervened entities and that the company utilizes credit facilities for factoring, which is reflected in accounts payable.

    Ask Fintool Equity Research AI

    Mauricio Cepeda's questions to Afya Ltd (AFYA) leadership

    Mauricio Cepeda's questions to Afya Ltd (AFYA) leadership • Q1 2025

    Question

    Mauricio Cepeda requested clarification on the new minimum tax under OECD Pillar 2 rules, including why Afya was classified as a multinational company. He also asked about the company's preparations for the SoftBank convertible debt, which is approaching its early redemption date.

    Answer

    CFO Luis Andre Blanco explained that the Pillar 2 tax law applies to multinational groups with over €750 million in revenue, a category Afya falls into. He stated the company has provisioned for the tax (payable in July 2026) as a conservative measure while it legally challenges the tax's constitutionality. Regarding the SoftBank debt, Blanco confirmed the May 2026 early redemption option and noted that Afya began provisioning for the associated premium in 2024 and is prepared with its cash flow to pay the instrument if the redemption is exercised.

    Ask Fintool Equity Research AI

    Mauricio Cepeda's questions to Laureate Education Inc (LAUR) leadership

    Mauricio Cepeda's questions to Laureate Education Inc (LAUR) leadership • Q1 2025

    Question

    Mauricio Cepeda asked for clarification on the enrollment intake timing shift, questioning if growth was simply due to adding April's results, and also asked why the company used a past FX rate for guidance instead of the more favorable current rate.

    Answer

    Richard Buskirk, CFO, explained the enrollment normalization was due to a two-week delay in Peru's academic calendar start, not other adjustments. Eilif Serck-Hanssen, CEO, added this aligns better with market norms. Regarding FX, Buskirk stated that due to significant volatility, they prudently maintained the MXN 20.50 rate from their February guidance rather than using the more recent, but volatile, spot rate.

    Ask Fintool Equity Research AI