Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Minerva: Balancing an Interesting Credit Story with Acquisition Risks

EM Spreads

Credit

<ul>
<li>Stronger post-acquisition scale, healthy FCF outlook, and export momentum reinforce the deleveraging path and outperformance case</li>
<li>We upgrade Minerva to Outperform, reflecting greater confidence in the company’s deleveraging trajectory, supported by expected cash generation despite integration costs and higher interest expenses.</li>
<li>Minerva reported strong 4Q24 results, with revenue up 26.0% QoQ and 73.8% YoY. Adjusted EBITDA rose 16.1% QoQ and 55.8% YoY, though the margin narrowed to 8.8%</li>
</ul>


Stronger post-acquisition scale, healthy FCF outlook, and export momentum reinforce the deleveraging path and outperformance case
We upgrade Minerva to Outperform, reflecting greater confidence in the company’s deleveraging trajectory, supported by expected cash generation despite integration costs and higher interest expenses.
Minerva reported strong 4Q24 results, with revenue up 26.0% QoQ and 73.8% YoY. Adjusted EBITDA rose 16.1% QoQ and 55.8% YoY, though the margin narrowed to 8.8%


Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade

Minerva /Brazil

Minerva 4Q24: Acquisition Outlook and Market Tailwinds Support Credit Upgrade