Pedro Baptista

Pedro Baptista joined Jefferies in 2023, after spending the previous 12 years at Nau Securities covering Latin America. He was Head of EMEA and European Small and Midcap Equities Research as well as Deputy Head of European Equities Research at UBS prior to that. Pedro is responsible for consumer and special situations research (inc. holding companies) and is the firm’s Head of Research.

The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America, Alejandro Demichelis who also joined Jefferies in 2023 and is responsible for covering Latin American energy, infrastructure, and industrials and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies in 2024 and 2025.

Pedro Baptista key sectors and stocks under coverage include:

Education: Laureate Education, YDUQS
Food & Beverages: Gruma, Alfa
Pulp & Paper: Copec, Dexco
Retailing: Femsa, PriceSmart, C&A, Vivara, Assai, Mateus
Holding companies: Itausa, Quinenco, Grupo Argos, Cresud, Grupo Sura
Others: GPS, Cementos Argos, Arcos Dorados, Alpargatas, SmartFit

What we are known for:

• Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities
• Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
• Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
• Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
• Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
• Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
• Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market