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Latin America Equity Research: June 2025 Fireside Meetings & Company Analysis

Upcoming Fireside Meetings (June 2025)

• June 3, 2025 (Janitor Day): Dexco CEO (Raul Guaragna)
  • Company: Brazil, Forestry & Building Materials
  • Focus: Expansion into dissolving wood pulp via JV with Lenzing.
• June 9, 2025 (3pm BST): Alpargatas CFO (Andre Natal)
  • Company: Brazil, Footwear
  • Highlight: Havaianas brand with strong consumer recognition.
• June 17, 2025 (3pm UK): Alsea CFO (Federico Rodriguez)
  • Company: Mexico, Restaurants
  • Business: Largest Starbucks operator with c4,800+ outlet units.
• June 26, 2025 (3pm BST): Assaí CFO (Aymar Giglio)
  • Company: Brazil, Food Retail
  • Position: Dominant in Brazil's 'Atacarejo' retail model.

August 2025 Fireside Meeting Schedule

• August 26, 2025: Itaúsa CEO (Alfredo Setubal)
  • Focus: Expansion of investment portfolio, key partnerships.

Key Company Highlights

Dexco

• Brazil, Forestry & Building Materials.
• Undergoing transformation to broader product/solution portfolio.
• Added dissolving wood pulp segment via JV with Lenzing.

Alpargatas

• Brands: Vibra Energia, Havaianas.
• CEO Andre Natal is restructuring activities, previously restructured Vibra Energia.
• Havaianas is the flagship brand with 100% recognition in Brazil, sells 200m pairs annually.

Alsea

• Largest Starbucks operator (c. 1,900+ units in 12 markets), second-largest Domino's operator.
• Total units: c. 4,800, serving c. 0.5bn clients.

Assaí

• Only "pure-play" Brazilian retailer of the successful 'Atacarejo' model.
• Revenue: ~US$14bn, top 100 global retailers.
• Market share: 40% in organized food retail.

Itaúsa

• Holding company focused on acquiring and growing businesses.
• Partnerships with Equipav, Votorantim, CPA Energia.
• NAV has doubled over 10 years.

Investment Ratings & Valuations

• Recommendation: Buy/Hold/Underperform.
• Examples:
  • Alfa Sigma (BUY), Alpargatas (BUY), Alsea (BUY), Lojas Quero-Quero (BUY), SQM (BUY), Samsung SDS (HOLD).

Analyst Certifications

• Pedro Baptista, Inigo Vega, Alejandro Anibal Demichelis, Alex Wright, Antonio Pedro Cardoso, and Francisco Barbosa certify independence of research opinions and lack of compensation ties to recommendations.

Disclaimer

• Material prepared for Jefferies clients.
• Report provides general analysis, not personalized advice.
• Investments involve risk; past performance is not indicative of future results.
• Disclosures regarding conflicts of interest and analyst registration found in the report's pages 3-8.

To view detailed financial data and specific ratings, refer to the original report or contact Jefferies clients portal.