Rodrigo Bitar, co-founder of 3x1 Partners, explains to Ted Seides why trade tariffs will have a relatively subdued impact on Latin American economies.
0:00 / 0:07exact quote · 7.6s
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“So the impact, if you look around the world, which are the regions who are going to be more impacted, Latin America falls under the category of minimal impact.”
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More from Rodrigo Bitar
Opinion
Bitar: Perceived investment risk in Venezuela substantially exceeds actual risk
“It was a situation where there was a perceived risk much greater than the real risk, in our view, and a country that was overlooked by investors for understandable reasons, and that created an opportunity where you could find very High quality assets at very a…”
Rodrigo BitarApr 28, 2025▶ 10:13Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
AssertionNot checkable as stated
Bitar: 3x1 Partners' portfolio grew 40% annually over four years
“Our portfolio has grown about 40% per annum the last four years”
Rodrigo BitarApr 28, 2025▶ 10:03Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
AssertionSupported
Bitar: U.S. restrictions on Venezuelan oil push exports to China
“In the last month or two, there's been a shift in that, more towards restriction of the sale of Venezuelan oil to the U.S., In practice, what it's doing is pushing it to China, which is odd, because that would seem counter to the U.S. Objectives.”
Rodrigo BitarApr 28, 2025▶ 26:05Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
AssertionNot checkable as stated
Bitar: Venezuelan acquisition entry valuations are currently sub-4x EBITDA
“Now the valuations are sub four times EBITDA.”
Rodrigo BitarApr 28, 2025▶ 21:15Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
Disclosure
Bitar: 3x1 acquired Pfizer's Venezuelan assets at ~3.5x to 4x EBITDA
“And then we subsequently acquired the assets of Pfizer in Venezuela. And then we subsequently last year acquired local assets Of a company called Vivas Pharmaceuticals, and the multiples were all around there.”
Rodrigo BitarApr 28, 2025▶ 21:23Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
AssertionSupported
Bitar: Latin American regional platforms command 10x to 14x EBITDA
“When you look at the latest transactions in the past five, six years in Latin America, all these regional guys have gone from like 10 to 14 times EBITDA. And the going in price for these assets is like seven to eight times EBITDA.”
Rodrigo BitarApr 28, 2025▶ 32:04Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)
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