Latin America Retail: Investor meeting feedback

研报英文原文证据摘录

Latin America Retail: Investor meeting feedback

Equity Research

13 July 2026 | 4:18AM EDT

We spent time visiting investors in Europe to discuss the outlook for the Latam Irma Sgarz

+1(212)357-3770 | irma.sgarz@gs.com

Retail/Consumer space and top picks in our coverage. Following the reversal of flows Goldman Sachs & Co. LLC

to Brazil in early 2Q26, positioning remains fairly light, but investors expressed Felipe Rached

interest in adding selective exposure in domestic cyclicals with a view to taking +55(11)3371-4587felipe.rached@gs.com|

advantage of undemanding multiples. We summarize key discussion points below. Goldman Sachs do Brasil CTVM S.A.

Gabriela Leme

RADL was a highlight name across all meetings, with investors inclined to add on +55(11)3372-3512gabriela.leme@gs.com|

recent weakness, but also concerned about the risk of near-term earnings revisions Goldman Sachs do Brasil CTVM S.A.

driven by the decline in GLP-1 drug prices. Investors were interested in

understanding what different scenarios could mean in terms of the magnitude of

earnings risk vs. the implied multiple, and suggested that they felt the recent share

price action had been overdone. We explore this topic in greater detail here.

Among the discretionary names, LREN (Buy) remained the key name investors

gravitated towards. Investors recognized that multiples may not return to historical

levels, but saw value at the current single-digit P/E multiplies implied for 2027E. The

renewed risk from greater cross-border competition following recent changes in

favor of low-value imports was a recurring question. However, investors recognized

that LREN’s investments into operational supply chain capabilities and value

proposition had improved the company’s competitive position. Investors no longer