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    Ruben Couto

    Research Analyst at Santander

    Ruben Couto is the Sector Head for Brazil Retail on the Sell Side at Santander, specializing in equity research and investment analysis focused on major consumer and retail companies in the Brazilian market. He covers publicly listed firms such as Natura &Co, Grupo Casas Bahia, and Assaí, regularly issuing target prices and recommendations—recently assigning a Neutral rating and R$3.90 target price for Casas Bahia and a Buy rating for Assaí. Ruben has built an extensive career within Santander, advancing to his current leadership role and playing a vital part in the bank’s analyst coverage team; prior career information is not publicly detailed. While holding a sector head position signals robust professional credentials, specific securities licenses or industry awards are not publicly disclosed.

    Ruben Couto's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership

    Ruben Couto's questions to BRAZILIAN DISTRIBUTION CO COMPANHIA BRASILEIRA DE DISTR CBD (CBDBY) leadership • Q1 2025

    Question

    Ruben Couto asked about the significant gap between GPA's EBITDA development and its cash flow generation, questioning what levers the company will use to close this gap throughout the year.

    Answer

    Rafael Russowsky, an executive, explained the gap was influenced by the Easter calendar shift impacting both EBITDA and working capital. He highlighted that significant non-recurring expenses, such as tax settlements (BRL 225 million over 12 months) and legacy dismissal lawsuits (BRL 280 million over 12 months), are expected to decrease substantially. Russowsky also mentioned that the company is actively pursuing asset sales to further mitigate cash burn.

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    Ruben Couto's questions to Sendas Distributor (ASAIY) leadership

    Ruben Couto's questions to Sendas Distributor (ASAIY) leadership • Q4 2024

    Question

    An analyst, likely Ruben Couto, asked about the 47 stores converted in 2022, specifically if their EBITDA margin has reached the company average and what the future potential is for their revenue and margin levels as they continue to mature.

    Answer

    Executive Belmiro de Gomes confirmed the expectation is for these converted stores to continue evolving. He noted that many innovation projects, like 'in and out' products and new categories, are geared towards these stores, which are often in central locations near higher-income customers. He suggested that future initiatives, potentially including the sale of over-the-counter drugs, could further enhance margins at these and other strategically located stores.

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    Ruben Couto's questions to ASAI leadership

    Ruben Couto's questions to ASAI leadership • Q4 2023

    Question

    Requested a quantification of pre-operational expenses in Q4'22 versus Q4'23 and asked what changed in Q4'23 to make price investments more effective and elastic compared to earlier in the year.

    Answer

    Pre-operational expenses were significant in Q4'22 (around 0.50-0.70 bps) due to numerous store openings but were very low in Q4'23. The decision to invest more in price in Q4'23 was driven by the expectation of higher sales volumes diluting fixed costs, which created room for investment. Furthermore, customer behavior in November/December (with holiday bonuses) is more responsive to promotions, making the price investments more effective at driving volume than they were in previous quarters.

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