LatAm Transport and Capital Goods "Daily Take-Off: RENT, MOVI, VAMO, RAIL,..."

研报英文原文证据摘录

LatAm Transport and Capital Goods "Daily Take-Off: RENT, MOVI, VAMO, RAIL,..."

error and could be materially inaccurate.

This forecast error is driven primarily by revenue volatility – a function of unpredictable

business travel spending, combined with significant operating and financial leverage.

Other sources of error include, but are not limited to, jet fuel price volatility, labour

disruptions, discount carrier growth, currency depreciation, bankruptcy risk and

significant event risk associated primarily with natural disasters and terrorist attacks.

WEG's operations are sensitive to changes in Brazilian and global investments, GDP, FX

variation, inflation and the competitive landscape. The company's profitability is

sensitive to commodity prices (including copper and steel) and its ability to pass-through

cost increases to customers. In addition, WEG is exposed to political risks, especially

regarding tax and trade policy worldwide, as well as tax incentives in Brazil. Possible

upside risks to our Sell rating include a recovery in global capex, investments in Brazil, an

increase in infrastructure auctions, marketshare gains, new product launches, accretive

M&A announcements and profitability expansion.

Localiza, Movida are subject to local macroeconomic conditions and negative economic

developments: GDP growth, inflation and interest rates could have an adverse impact on

the company's results. In addition, company-specific risks include cost of growth and

proper execution of growth strategies.

Vamos is subject to local macroeconomic conditions and negative economic

the company's results. COVID-19 or economic crisis could pose negative risks to volume,

fares and vehicle depreciation in upcoming years. In addition, company-specific risks