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    Nicolas Barros • Itau BBA

    Nicolas Barros is an Equity Research Analyst at Merrill Lynch SA CVTM as of 2024, with prior experience at BLP Gestora de Recursos Ltda. He specializes in securities analysis within Latin American markets, having developed expertise covering a range of regional equities. Barros's career reflects progression through prominent financial firms, though explicit performance metrics, specific companies under coverage, and rankings on platforms like TipRanks are not publicly available. Professional credentials and securities licenses cannot be definitively confirmed through available sources.

    Nicolas Barros's questions to Braskem SA (BAK) leadership

    Nicolas Barros's questions to Braskem SA (BAK) leadership • Q4 2024

    Question

    Nicolas Barros asked about the competitive landscape and market share recovery since the implementation of higher import taxes, and for an outlook on industry capacity rationalization, prices, and utilization rates in the medium term, particularly in comparison to Europe.

    Answer

    Executive Rosana Avolio explained that while the increased import tariff and a depreciated local currency are helpful, the company must still balance profitability and market share against competitively priced imports, with the full effect expected in 2025. She noted the global market is in an elongated down-cycle due to oversupply. Avolio detailed that Braskem's internal forecasts for capacity rationalization are more aggressive than those of external consultants, especially for polyethylene, which could rectify spreads. She identified Europe and Asia as regions with higher profitability risks due to energy and raw material costs.

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    Nicolas Barros's questions to Braskem SA (BAK) leadership • Q4 2024

    Question

    Nicolas Barros of Itau BBA asked about the competitive landscape and margin recovery following the implementation of higher import taxes in Brazil. He also inquired about Braskem's outlook on global capacity rationalization, particularly how it differs from external consultants, and the forecast for margins and utilization rates.

    Answer

    Executive Rosana Avolio explained that while the full benefits of the import tariff increase will materialize in 2025, a depreciating local currency has already aided profitability. She stated that Braskem's internal forecast for global capacity rationalization is more aggressive than that of external consultants, expecting a hypothetical rationalization of 8 million tons for polyethylene versus the 3 million tons forecasted by consultants. Avolio noted that despite a challenging low-level cycle, the company will focus on its resiliency strategy to strengthen cash generation.

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