1、1Latin America Equity ResearchJuly 2025*See the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that t

2、he firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Latin America TransportationMarketing PresentationGuilherme Mendes AC+55(11)4950-Banco J.P.Morgan S.A.Julia Orsi+

3、55(11)4950-Banco J.P.Morgan S.A.2AgendaPageCar&Truck RentalCoverage and Sector OverviewLogisticsAirlinesAirportsToll RoadsDisclosures371218212428Table of Content3Investment ThesisI N D U S T R YO V E R V I E WLatAm Transportation Coverage SummaryOrderRatingSupportive operational performance and FCF

4、generation,with recurrent capital distribution policy.Relatively lighter balance sheet.Resilient results and strong operating trends.Still trading at unexpensive valuation following ADR listing.Decent operational results.More conservative capital allocation policy and potential divestment of non-cor

5、e assets.Attractive valuation and ability to deliver returns above its cost of capital.IPI tax cuts overhang currently behind us.Unique LT positioning,but ST concerns on delayed grain commercialization despite the optimistic grains production outlook.Trades at an undeserved discount to peers.Superio

6、r exposure to FX and commercial revenues.Trading at attractive valuation but limited ST catalysts with low visibility due to concerns on demand and yields.Trades at decent valuation with potential 30%upside related to regulatory discussions.Diversified portfolio.Superior growth prospects still tradi