2015 All-Latin America Research Team: Pulp & Paper, No. 2: Leonardo Correa, César Pérez-Novoa & team
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2015 All-Latin America Research Team: Pulp & Paper, No. 2: Leonardo Correa, César Pérez-Novoa & team


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Leonardo Correa, César Pérez-Novoa & teamBTG PactualFirst-place appearances: 2

Total appearances: 9

Team debut: 2006For a second straight year, BTG Pactual captures the No. 2 position on this roster, with a team now under the direction of César Pérez-Novoa, 43, and 32-year-old newcomer Leonardo Correa. The four analysts spread evenly across São Paulo and Santiago follow just two regional pulp and paper names, but they “offer the complete package,” insists one loyalist in Chile. “They understand all the latest developments in the sector.” In August 2014 the squad initiated coverage on Klabin, Brazil’s largest integrated manufacturer of packaging paper and paperboard, assigning the shares a buy rating based on largely dependable earnings momentum from consumer staples. By the middle of last month, the stock had jumped 69.4 percent, to 20.11 reais, besting its regional peers by 36.4 percentage points. Last year Santiago-based Pérez-Novoa steered this squad with Edmo Chagas, who retired in May 2014. Correa, who works out of São Paulo, joined the firm that same month from Barclays, where he headed regional metals and mining coverage. He previously tracked the group at Credit Suisse and graduated from São Paulo’s Instituto Brasileiro de Mercado de Capitais with a bachelor’s degree in economics. Correa and Pérez-Novoa also oversee a group that rises from third place to first on the Metals & Mining lineup; and Pérez-Novoa also co-captains, with Alonso Aramburú, crews that repeat at No. 1 and No. 2, respectively, for their coverage of Chile and North Andean Countries.

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