XP (XP US) Follow-On Issue Highlights Over-Hang, Potential for More Share Sales Post Itaú Spin-Off
Post XP's follow-on, we see the spin-off, lack of lock-up for spun-off shares and Itausa’s non-strategic view of its XP shares adding to risk of...
275 Views
Itausa (ITSA4 BZ): Discounted Access to Itaú Unibanco, and Potentially to the XP Holding Spin-Off
Our prior caution on Itausa has turned to enthusiasm; Itausa gives investors discounted access, at a 24% discount to the NAV, to Itau Unibanco and...
362 Views
Itausa (ITSA4 BZ): Less Bearish, but Still Cautious
Itausa-Investimentos Itau-Pr (ITSA4 BZ) has performed broadly in line with its largest holding Itau Unibanco Holding Sa (ITUB4 BZ) since...
283 Views
Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020
Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...
656 Views
Itausa (ITSA4 BZ) - Take Profits on Narrowing NAV Discount
Itausa-Investimentos Itau-Pr (ITSA4 BZ)'s NAV discount has narrowed since our initiation in January 2019 from 24% to 18% currently, outperforming...
470 Views