Industries: Retailing – Second
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Industries: Retailing – Second

Joaquín Ley, Juliana Rozenbaum & team Itaú BBA


Bounding from runner-up to second place is the five-strong squad at Itaú BBA. Co-directed this year by Mexico City–based Joaquín Ley (who arrived in April from Santander, where he guided that firm’s team to the top spot in 2005, 2008, 2009 and 2011) and São Paulo–based Juliana Rozenbaum, the crew covers 24 companies — and the list is growing. In June the analysts initiated coverage on Mexico’s Alsea with an outperform rating, at 15.53 pesos, based on the fast-food chain’s rigorous earnings growth, solid same-store sales, geographic expansion and balance-sheet deleveraging. By the middle of the next month, the stock had already advanced 17.7 percent, to N$18.28, and outdistanced the sector by 20.1 percentage points. It remains a top pick. “This is a team to pay attention to,” proclaims one enthusiast. — Ben Mattlin


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