2015 All-Latin America Research Team: Oil, Gas & Petrochemicals, No. 3: Christian Audi & team
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2015 All-Latin America Research Team: Oil, Gas & Petrochemicals, No. 3: Christian Audi & team


< The 2015 Latin America Research Team

Christian Audi & teamSantanderFirst-place appearances: 1

Total appearances: 10

Team debut: 1994Rebounding from runner-up to third place, the position it held from 2008 through 2011, is the two-person Santander crew with Christian Audi at the helm. “Audi’s coverage is broad along the value chain, and his institutional memory is very valuable,” attests one fan. Another hails his “excellent monthly report on volume trends for fuel distributors.” Working out of New York, the 45-year-old leader and one other colleague report on 14 names in the regional sector. Their current favorite is Infraestructura Energética Nova, or IEnova, a Mexico-based power wholesaler and owner of electric and natural-gas utilities that has been their top pick since mid-2013. “We have maintained a high-conviction buy rating on the back of its strong growth, high returns and defensive nature,” explains Audi. IEnova’s stock performed well, advancing 10.5 percent during the trailing 12 months through mid-July, to 82.85 pesos, and besting the regional broad market by 40.8 percentage points. “We expect continued outperformance for the remainder of 2015,” he adds, “as it unlocks value by potentially winning a [Comisión Federal de Electricidad] natural-gas pipeline auction, optimizing its assets and pursuing new growth opportunities opened up by Mexico’s energy reform.” Even some investors who are not convinced by Audi’s argument see the value in his position. “Although we do not agree on his call on IEnova,” says another client, “he is among the few analysts who truly understand what the company’s underlying risks and drivers are.”

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