I recently traveled to the USA, and as well as going to Omaha for the Berkshire Hathaway ( BRK.B ) meeting, I also went to Miami. On the streets of Miami, I came across some robots that do last-mile deliveries, suchEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect! Asso ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Financial Data and Key Metrics Changes - The company reported a total gross revenue of BRL 3.2 billion and net revenue of BRL 1.8 billion, reflecting a year-over-year growth of 3831% [30] - The efficiency ratio improved to 48.8%, with a return on equity (ROE) of 12.9% [33][35] - The cost of risk decreased to 4.6%, marking the best performance since 2022 [27] Business Line Data and Key Metrics Changes - The total loans grew by 33% year-over-year, significantly outpacing the Brazilian market [23] - The Consumer Finance 2.0 portfolio expanded over five times year-over-year, reaching BRL 920 million [15] - The investments vertical saw assets under custody (AUC) increase by 54% year-over-year, reaching BRL 146 billion [16] Market Data and Key Metrics Changes - The company achieved an 8.2% market share in transactions made through PIX, totaling BRL 315 billion in the first quarter [14] - The marketplace's gross merchandise volume (GMV) grew by almost 30% year-over-year, reaching BRL 300 million [18] - The company gained more than 40 basis points of market share in seven out of ten presented products [21] Company Strategy and Development Direction - The company is focused on sustainable products and a diversified revenue stream, positioning itself well in a rapidly changing banking industry [6][8] - The launch of the private payroll product is seen as a significant opportunity for market share capture [44] - The strategy emphasizes digitalization and client engagement through a complete digital platform [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive amid a secular shift in the banking industry, driven by digitalization and financial inclusion [7][10] - The management highlighted the importance of maintaining credit quality while pursuing growth, particularly in the context of inflation and high interest rates [58] - Future growth is expected to be supported by new product launches and improvements in credit modeling [58] Other Important Information - The company added 1 million new active clients, achieving a 57% activation rate [13] - The credit card portfolio is undergoing a reshaping process, with the participation of installments increasing from 7% to 9% [16] - The company surpassed 12 million clients in its loyalty program, which significantly enhances client engagement [20] Q&A Session Summary Question: Comments on the private payroll product and its impact - Management expressed excitement about the private payroll product, indicating a strong market demand and potential for significant market share capture in the future [42][44] - There was no impact from the new product in the first quarter [45] Question: Insights on NIM trajectory - The NIM growth is attributed to improved credit mix and rising interest rates on loan portfolios, with expectations for continued expansion [46][50] Question: Loan growth expectations and inflation impact - The company anticipates loan growth of 25% to 30% for the year, with no significant impact from inflation or interest rates expected [57][58] Question: Explanation for the decrease in net ARPAK - The decrease in net ARPAK was primarily due to seasonal factors affecting fees and the impact of the 4966 rule, which deferred certain fees [66] Question: Outlook on efficiency ratio and expense growth - The company aims to improve the efficiency ratio to 30% by 2027, with expectations for revenue growth to outpace expense growth [72][74] Question: Asset quality and NPL levels - Management indicated that the NPL levels will depend on the product mix, with expectations for continued improvement in asset quality [92][93] Question: Increase in stage two formation for credit cards - The increase in stage two was a result of the 4966 requirement, with no significant changes in performance or delinquency levels observed [99][100]

Financial Data and Key Metrics Changes - The company reported a total gross revenue of BRL 3.2 billion and net revenue of BRL 1.8 billion, reflecting a year-over-year growth of 3831% respectively [28] - The efficiency ratio improved to 48.8%, a 130 basis points improvement compared to the previous quarter [32] - The return on equity (ROE) reached 12.9%, excluding minority interest, marking a significant achievement for the company [32] Business Line Data and Key Metrics Changes - The total loans grew by 33% year-over-year, significantly outpacing the Brazilian market [22] - The Consumer Finance 2.0 portfolio, which includes PIX financing and buy now pay later, grew more than five times year-over-year, reaching BRL 920 million [15] - The insurance segment saw a 51% increase in active contracts, reaching nearly 8 million [17] Market Data and Key Metrics Changes - The company added 1 million new active clients for the fifth consecutive quarter, achieving a 57% activation rate [13] - Transactions made through PIX totaled BRL 315 billion in the first quarter, achieving an 8.2% market share [14] - The marketplace GMV grew by almost 30% year-over-year, reaching BRL 300 million [18] Company Strategy and Development Direction - The company is focused on sustainable products and a diversified revenue stream, positioning itself well in a rapidly changing banking industry [5][7] - The launch of new products like private payroll loans is seen as a significant opportunity for market share growth [15][16] - The company aims to continue expanding its product offerings and enhancing client engagement to solidify its market position [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing market opportunities due to a secular shift towards digital banking services [6] - The company anticipates continued growth in loans, projecting a range of 25% to 30% for the year [56] - Management noted that the current economic environment, including inflation and interest rates, has not negatively impacted their growth strategy [58] Other Important Information - The company achieved nearly 4% market share of treasury direct balance, growing 80 basis points in one year [16] - The cost of risk improved to 4.6%, marking the best performance since 2022 [26] - The company is actively working on improving operational efficiency through technology and AI [76] Q&A Session Summary Question: Comments on the private payroll product and its impact - Management expressed excitement about the private payroll product, indicating it has significant market potential but noted no impact in the first quarter yet [41][44] Question: Expectations for NIM trajectory - Management explained that NIM growth is driven by improved credit mix and rising interest rates on loan portfolios, with expectations for continued expansion [45][48] Question: Loan growth expectations and impact of inflation - Management expects loan growth to accelerate, projecting 25% to 30% growth for the year, with no significant impact from inflation or interest rates [56] Question: Explanation for decrease in net ARPAK - The decrease in net ARPAK was attributed to seasonal factors affecting fees and the deferral of certain fees due to regulatory changes [61][64] Question: Outlook for efficiency ratio and expense growth - Management indicated that efficiency improvements will come from top-line growth outpacing expense growth, aiming for a long-term target of 30% efficiency by 2027 [72] Question: Asset quality and NPL levels - Management noted that the current NPL levels are influenced by product mix and expect further improvements as new products scale [90][91] Question: Increase in stage two formation for credit cards - The increase in stage two was attributed to regulatory requirements rather than a decline in asset quality, with no significant performance issues noted [97][98]

Core Viewpoint - Inter & Co. Inc. reported quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.12 per share, representing an earnings surprise of -8.33% [1] - The company posted revenues of $313.42 million for the quarter, missing the Zacks Consensus Estimate by 4.16%, compared to $282.97 million in the same quarter last year [2] Financial Performance - The earnings for the same quarter last year were $0.09 per share, indicating a year-over-year increase [1] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Inter & Co. Inc. shares have increased approximately 68.5% since the beginning of the year, while the S&P 500 has declined by 3.8% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $336.38 million, and for the current fiscal year, it is $0.52 on revenues of $1.34 billion [7] - The estimate revisions trend for Inter & Co. Inc. is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry is currently in the top 39% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

1Q2025 Earnings Presentation Inter by design May 2025 Earnings Presentation | 1Q25 1 João Vitor Menin | Global CEO Alexandre Riccio | Brazil CEO 1. CEO Overview 2. Business Update 3. Financial Performance Santiago Stel | SVP CFO Earnings Presentation | 1Q25 Earnings Presentation | 1Q25 Agenda 2 Earnings Presentation | 1Q25 Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking st ...

Core Insights - Inter&Co Inc. reported strong financial results for Q1 2025, highlighting a significant increase in net income and improved efficiency metrics [1][6] - The company emphasizes its commitment to innovation and cost control, which has contributed to its growth and profitability [2][3] Financial Performance - Total clients reached 37.7 million, with 21.6 million active clients and an activation rate of 57.2% [6] - Net income was R$287 million, a 57% increase year-over-year [6] - Return on equity improved to 12.9%, up from 9.2% in Q1 2024 [6] - Efficiency ratio reached 48.8%, improving by 1.3 percentage points compared to Q4 2024 [6] - Non-performing loans (NPLs) over 90 days decreased to 4.1%, down 0.8 percentage points from Q1 2024 [6] Strategic Initiatives - The company is focusing on peer-to-peer payments (Pix) in Brazil and has seen significant uptake in its loyalty program, Loop [2] - The introduction of a new Private Payroll offering aligns with Inter's digital, low-cost distribution model, presenting a key growth opportunity [2]

Core Viewpoint - Intrepid Metals Corp. has engaged Independent Trading Group (ITG) for market-making services to enhance liquidity and maintain a reasonable market for its shares, subject to regulatory approval [1][2]. Group 1: Market Making Agreement - ITG will receive a monthly compensation of CAD$7,500, paid in advance, under a one-month renewable agreement [2]. - The agreement can be terminated by either party with a 30-day notice, and there are no performance factors or equity compensation involved [2]. - ITG and Intrepid are unrelated entities, with no current interest in each other's securities [2]. Group 2: Company Overview - Intrepid Metals Corp. focuses on exploring high-grade essential metals such as copper, silver, and zinc in southeastern Arizona, USA [4]. - The company has several drill-ready projects, including the Corral Copper Project and the Tombstone South Project, which have significant historical drill results [4]. - Intrepid is traded on the TSX Venture Exchange under the symbol "INTR" and on the OTCQB under "IMTCF" [4]. Group 3: Independent Trading Group Overview - Independent Trading Group (ITG) is a Toronto-based dealer-member specializing in market making, liquidity provision, and algorithmic trading solutions [3]. - Established in 1992, ITG utilizes proprietary technology to deliver high-quality liquidity and execution services [3].

Company Overview - Inter & Co. Inc. (INTR) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.12, reflecting a change of +33.3% [3] - Revenues are anticipated to reach $327.02 million, which is a 15.6% increase from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent changes in analyst views [10] Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8] - Inter & Co. Inc. currently holds a Zacks Rank of 2, making it challenging to predict an earnings beat conclusively [11] Historical Performance - In the last reported quarter, Inter & Co. Inc. exceeded the consensus EPS estimate of $0.10 by delivering $0.11, resulting in a surprise of +10% [12] - Over the past four quarters, the company has beaten consensus EPS estimates three times [13] Industry Context - In the Zacks Financial - Miscellaneous Services industry, HA Sustainable Infrastructure Capital (HASI) is expected to post earnings of $0.64 per share, indicating a year-over-year decline of -5.9% [17] - HASI's revenue is projected to be $33 million, down 21.3% from the previous year [17] - The consensus EPS estimate for HASI has been revised 0.8% higher in the last 30 days, but a lower Most Accurate Estimate results in an Earnings ESP of -3.91% [18]

Financial Performance - Gross Loan Portfolio increased to R$ 41,182,813 as of December 31, 2024, up from R$ 31,020,837 in 2023, representing a growth of 32.7%[26] - SG&A expenses rose to R$ 2,915,645 in 2024, compared to R$ 2,412,527 in 2023, marking an increase of 20.9%[27] - Efficiency Ratio improved to 49.2% in 2024 from 54.5% in 2023, indicating better cost management relative to revenues[29] - Return On Average Equity (ROAE) increased to 11.7% in 2024, up from 4.8% in 2023, reflecting enhanced profitability[30] - Cost of Risk decreased to 5.0% in 2024 from 5.5% in 2023, suggesting improved credit quality[32] - Net Fee Revenue reached R$ 2,018,009 in 2024, a significant increase from R$ 1,544,488 in 2023, representing a growth of 30.7%[35] - Total Gross Revenue for 2024 was R$ 6,400,165, up from R$ 4,752,576 in 2023, reflecting a growth of 34.5%[29] - Total Gross Revenue for 2024 reached R$10,342,030, a 28.1% increase from R$8,078,784 in 2023[43] - Interest income increased to R$5,139,213 in 2024, up 12.9% from R$4,549,827 in 2023[43] - Net Interest Margin (NIM) improved to 7.8% in 2024, compared to 7.4% in 2023[49] - Interest Earning Portfolio grew to R$63,422,429 in 2024, a 30.7% increase from R$48,491,399 in 2023[46] - NIM Excluding Credit Card Transactor Portfolio rose to 9.2% in 2024, up from 8.7% in 2023[53] Funding and Costs - Funding increased to R$ 55,065,296 in 2024, compared to R$ 43,513,032 in 2023, representing a growth of 26.5%[39] - Cost of Funding improved to 6.7% in 2024 from 7.6% in 2023, indicating a reduction in average interest expenses[41] Client Engagement and Market Expansion - Active clients metric reflects engagement, with a focus on retaining previously acquired clients[55] - Card + PIX Total Payment Volume (TPV) is monitored to assess the appeal of payment products[56] - The company aims to expand its business into markets outside of Brazil, integrating operations from acquisitions[59] - Future growth opportunities are anticipated despite uncertainties in the global economy[59] - The company emphasizes the importance of client engagement metrics to enhance its financial services[55] Risk Management - The company has established a comprehensive financial risk management framework covering credit, market, liquidity, and operational risks[771] - Credit risk management focuses on identifying, evaluating, controlling, and mitigating risk exposure to safeguard financial solidity and solvency[772] - Liquidity risk management aims to ensure the company can meet expected or unexpected obligations without incurring significant losses[773] - The company employs a structured approach to risk management, including segregation of functions and defined management processes[774] - Market risk is associated with potential losses from fluctuations in stock prices, interest rates, exchange rates, and commodity prices[775] - Operational risk is defined as potential losses from failures in internal processes, people, systems, or external events[776]