Core Insights - The article emphasizes the importance of in-depth research and insights for informed investment decisions in the Latin American equity market [1] Group 1: Company Analysis - The company has over 5 years of experience in equity analysis specifically focused on Latin America [1] Group 2: Industry Insights - The research provided aims to assist clients in making informed investment decisions, highlighting the significance of thorough analysis in the investment banking sector [1]

Core Insights - The article emphasizes the expertise of the research firm Goulart's Restaurant Stocks, which focuses on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies often overlooked by mainstream analysts [1] Industry Focus - The research covers a broad range of sectors including consumer discretionary, food & beverage, casinos & gaming, and IPOs, with a strong emphasis on the restaurant industry [1] - The firm aims to uncover investment opportunities within the restaurant sector by applying strategic insights and valuation techniques [1] Research Methodology - The analysis incorporates advanced financial modeling and sector-specific key performance indicators (KPIs) to assess company valuations [1] - The firm combines hands-on finance and business management experience with academic knowledge, including an MBA in Controllership and Accounting Forensics [1]

Core Insights - Lyft, Inc. operates as a ridesharing platform connecting riders and drivers primarily in the US and Canada, with plans for expansion into new locations [1] Company Overview - Lyft is a peer-to-peer marketplace that facilitates ridesharing through its application [1] - The company also offers car rentals and other transportation services [1] Market Position - Lyft is focused on expanding its footprint beyond its current markets in the US and Canada [1]

I reiterate my buy recommendation on assets that track the main American indices. This article is a continuation of my initial coverage article published on November 5, 2024, and my last article inMore than 5 years of experience in equity analysis in LatAm. We provide our clients with in-depth research and insights to help them make informed investment decisions.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such ...

Market Fundamentals & Dynamics - Markets involve the exchange of objects, requiring two parties and two objects, with money serving as a store of value and a medium of exchange [1] - Credit allows borrowing and payment over time, while asymmetric payoff offers the potential for a large return on a small investment [1] - Market prices are determined by the varying values ascribed to an object by multiple buyers and sellers [1] - Markets can be irrational, exhibiting exuberance or being downcast, and redefine themselves by changing critical measures [1][2] - Investors can either follow market trends or discipline the market by relying on equity analysis and understanding industrial dynamics [2][3] Historical Analysis of BSE Sensex - The liberalization budget of 1991 set a positive tone for markets, leading to a bull market [5][6] - Mutual funds in the private sector gained scale starting in 1993, and the National Stock Exchange (NSE) started in 1992, promoting digital trading and cleaner accounts [8][9][10] - From 2008 to 2013/14, the market experienced sideways movement, with consumer companies becoming prominent [15][16][17] - From 2013 to pre-pandemic 2020, the market saw decent growth, with digital infrastructure established and significant venture capital-funded acquisitions occurring [18] Current Market Perspective - The current market mood is cautiously optimistic, with awareness of both good and better times [19] - Technology is transforming the market, enabling new investment opportunities, although its overall impact on market superiority is debated [20][21] - Valuations are increasingly based on price-to-sales ratios, reflecting the focus on turnover in emerging businesses [22][23] Consumer Behavior & Market Impact - The Indian consumer, particularly the emerging upper-middle class, will significantly influence the market through their consumption patterns [23] - Consumer priorities have evolved from job security and homeownership to continuous education, travel, and digital identity [24][25][26][27][28][29][30] - Loans for education and experiences are becoming more common, reflecting changing consumer values [31] Investment Principles - Market uptrends require a reason, sufficient capital, and a metric for asset valuation, such as price-to-sales or digital market potential [31] - Money chases performance, and performance chases money, highlighting the importance of salience in new ideas and the cyclical nature of investment flows [31][32]

Group 1 - The article discusses the expertise of a research firm focused on the U.S. restaurant industry, covering various segments from quick-service to fine dining [1] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap companies [1] - The analyst has a strong academic background, holding an MBA in Controllership and Accounting Forensics, and has specialized training in valuation and financial modeling [1] Group 2 - The research has been featured on multiple platforms, indicating a broad reach and recognition in the industry [1] - The firm also covers related sectors such as consumer discretionary, food & beverage, and casinos & gaming, showcasing a diverse analytical approach [1]

Company Overview - GEN Restaurant Group, Inc. (NASDAQ: GENK) is not considered a top investment choice by the analyst, indicating uncertainty in establishing a fair target price for the company [1]. Analyst Background - The analyst is the founder of Goulart's Restaurant Stocks, a research firm that specializes in the U.S. restaurant industry, covering various segments from quick-service to fine dining [1]. - The analyst has extensive experience in finance and business management, holding an MBA in Controllership and Accounting Forensics, and a Bachelor's in Business Administration [1]. Research Focus - The research firm focuses on uncovering hidden value in public equities, particularly in micro and small-cap companies that are often overlooked by mainstream analysts [1]. - The analyst employs advanced financial modeling, sector-specific KPIs, and strategic insights in their research efforts [1].

Group 1 - The article reiterates a buy recommendation on BrasilAgro (NYSE: LND) shares following the disclosure of quarterly results on September 3, 2025 [1] - The analysis is based on over 5 years of experience in equity analysis in Latin America, providing in-depth research and insights for informed investment decisions [1]

Group 1 - The recommendation for Telefônica Brasil (NYSE: VIV) shares has been raised from hold to buy following the disclosure of its 2nd quarter results [1] - The article serves as a continuation of the initial coverage published on July 11, 2024, indicating ongoing analysis and updates on the company's performance [1] - The analyst has over 5 years of experience in equity analysis in Latin America, providing clients with in-depth research and insights for informed investment decisions [1]

Core Insights - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research methodology emphasizes a structured framework to identify companies with durable business models and mispriced cash flow potential, prioritizing simplicity and relevance in valuation [1] - The coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] Research Methodology - Moretus Research employs rigorous fundamental analysis combined with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation is based on sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability and simplicity [1] Investment Philosophy - The research reflects a deep respect for capital, discipline, and long-term compounding, aiming to elevate the standard for independent investment research [1] - The insights provided are designed to be actionable, focusing on what truly matters in modern equity analysis [1]