邀请参加与Dexco首席执行官的炉边谈话
Pedro Baptista * | Equity Analyst+44 (0) 207 029 8351 | pbaptista@jefferies.comAlejandro Anibal Demichelis * | Equity Analyst+34 919498377 | ademichelis@jefferies.comCole Hathorn, CFA ^ | Equity Analyst44 (0) 20 7029 8520 | chathorn@jefferies.comFrancisco Barbosa ‡ | Equity Associate+1 (212) 284-2197 | fbarbosa@jefferies.comR$5.40^R$10.00 | +85%R$8.96 - R$5.00FLOAT (%) | ADV MM (USD)0.0% | 16.27R$4.5B | $793.6MDXCO3 BZ^Prior trading day's closing price unless otherwiseMarket Cap| US$0.8bnADTV| US$3mManagement| Raul Guaragna (CEO)Equity ResearchMay 22, 2025 Date| Tuesday, 3 JuneTime| 10am ET | 3pm BSTTicker| DXCO3 BZRegister here Latin America forthcoming firesides:May 22:Brazil Economic Outlook- LinkMay 29:CSAV VaporesCEO - LinkMay 30:YDUQSCEO - LinkJun 3:Dexco CEO- LinkJun 17:AlseaCFO- LinkAug 26:ItausaCEO- LinkLatin America firesides key takeaways:Feb 12:YDUQSCEO | Feedback HereFeb 25:Laureate EducationCEO | Feedback HereFeb 27:Southern CopperCFO | Feedback HereMar 4:GrumaVP Corporate Finance | Feedback HereMar 10:Alfa | SigmaCFO|Feedback hereMar 12:Grupo SuraCFO|Feedback hereMar 13:C&ACFO|Feedback hereMar 17:GPSHead of IR & ESG | Feedback hereMar 19:Cementos ArgosCFO | Feedback hereMar 20:Grupo ArgosCFO | Feedback hereApr 14:CredicorpHead of Sustainability | Feedback hereApr 17:PriceSmartCFOApr 22:SmartFitCFO | Feedback hereApr 24:VivaraCFO | Feedback hereApr 29:ILCCEO | Feedback hereMay 6:SQMCFOMay 19:Lojas Quero-QueroCEOMay 21:InRetailCFOPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionDexcoDexco has been undergoing an effective transformation from a manufacturer of wood panels, sanitary ware and metals to a company with a broaderportfolio, not only of products, but of solutions that improve the home and office environment. Having added a fourth vertical in 2019 with entry intothe dissolving wood pulp segment through a J-V (LD Celulose) with the Austrian firm, Lenzing, LD accounts for 25% of group EBITDA on a proportionalbasis. The wood panels division accounts for almost 70% of the group's EBITDA, with the remaining in Deca and Tiles (DWP is equity accounted).Dexco also operates >200k hectares of land, driving a strong asset backing and a positive carbon balance.Company Valuation/RisksDexcoDexco price target is based on a 15% discount to our estimated NAV. Key risks include increased group complexity, gearing levels and a weakerearnings momentum for ceramics and Deca.Empresas CopecCopec price target is based on a 15% discount to our estimated NAV. Risks include group structure complexity, new investments and capital allocation.Itaúsa SAItaúsa price target is based on a 15% discount to NAV. Key risks include dividend flows from Itaú-Unibanco and tax changes.Analyst Certification:I, Pedro Baptista, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Alejandro Anibal Demichelis, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Cole Hathorn, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Francisco Barbosa, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Pedro Baptista is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Alejandro Anibal Demichelis is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LL
