The Global Point

Research evidence excerpt

The Global Point

XTB — Financial Assets of Customers vs. Sum of Up-to-Date Deposit Inflows, 2013–2Q26 (Polish

Zloty in million / Percentage)

Latin America

Latin America Transportation - Stock Ranking: Changes at the Top, Toll-Roads

Ahead of Car Rental

In our stock ranking we maintain Airlines at the top despite fuel volatility, but

changes from earlier this month placed LATAM as our top pick in the sector. Toll-

roads earned higher spots, we placed Ecorodovias as our top-pick on the Brazilian

side of the coverage, while car rental stocks still look cheap but less promising

from a risk/reward perspective. On the bottom half of the leaderboard, rail/river

logistics remain our least preferred stocks. Moreover, as the 2Q earnings season

evolves, we highlight key topics to watch over the coming weeks. The full table of

preferences is shown in Figure 1. More valuation charts and comps are in the note.

Filipe Nielsen

Latin America Transportation Stock Ranking

Western Europe

Brunello Cucinelli (BCU.MI) - Knitting a Durable Moat - Initiate with Buy and

€110 Target Price

We initiate coverage of Brunello Cucinelli with a Buy rating and €110 target price.

We believe its competitive advantages can endure longer than the market

discounts: Humanistic Capitalism reinforces brand credibility, its affluent client

base should support relatively resilient demand, while Asian expansion, deepening

Western client relationships and a maturing retail network offer several routes to

market-share gains. We expect measured margin progression, but capex

normalisation could improve FCF conversion. We forecast FY25–28E sales,

adjusted EBIT and EPS CAGRs of 12%, 15% and 16%, respectively, placing us 3%,

7% and 8% above VA consensus by FY28E. Following a ~15% de-rating relative to