The Ledger
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WEG Can Deliver 25% to 30% Annual IRR at Current Multiple
“It's been a great performer, but we see a 25, 30% IRR per year at the current multiple.”
Localiza Earnings Will Grow 25% to 30% Annually Post-Acquisition
“So we expect earnings to go at 25, 30% a year with synergies and the growth of the market.”
Nubank Has 50M Customers and a $45B Valuation
“Nubank is the largest digital bank in the world with almost 50 million customers. It's now trading at a forty five billion dollar valuation. Warren Buffett Berkshire Hathaway actually invested in a private round and in the IPO. Sequoia, SoftBank are investors.”
Brazil's Largest Pharmacy Chain Is Out-Opening All Competitors Combined
“The largest drugstore and pharmacies, let's say chain in Brazil, they're opening this year more pharmacies than the combined number of their competitors.”
XP Trades at 20x Earnings While Growing Earnings 30% to 35%
“And XP is growing with a better product, a more sophisticated offering, and the stock trades at 20 times earnings, which is a bargain, growing earnings at 30, 35%.”
Brazilian Stock Indices Are Dominated by Commodities and Legacy Banks
“So, when you look at the Ibovespa or the MSCI, again, commodities are the majority of the index plus large banks.”
Over Half of WEG's Products Were Launched in Past Five Years
“More than half of their products were launched in the last five years, and this is one of the best managed companies in Brazil.”
Brazilian Pharmacy Chain Raia Drogasil Opens 300 Stores Annually
“As I mentioned before, it's opening 300 locations a year.”
TOTVS Grows 20% to 25% Annually at Discount to US SaaS
“It's a subscription-based business growing top line and earnings at 20, 25% a year, trading at a big discount to the big software as a service companies in the US or in other markets.”
Mercado Livre Trades at 100x Earnings with 40% to 50% Growth
“You also have some highly innovative companies like Mercado Livre, which is the leader in e-commerce in Latin America, trading at 100 times earnings, 90 times earnings, but these are growing earnings at 40, 50% a year.”
Holdings Fell 30% While Earnings Expectations Rose 5% to 8%
“When we look at our businesses, in the last six months, on average, the companies fell 30% from the peak. Some fell 40, some fell 15, But on average, 30. When you look at earnings expectations, they are, after the third quarter earnings, they were up five to e…”