Brazil’s transportation sector offers
growth potential and diversified
investment opportunities; we discuss
which companies could benefit
􀀗 Our top picks are ALL and Santos
Brasil. ALL should post strong growth
with stable, high EBITDA margins, while
Santos Brasil is inexpensive and offers
strong growth potential
􀀗 Wilson Sons and Log-In are diversified
stories that are not growing as fast as
market expectations and are fully priced
ALL: Strong organic growth. We see many growth
opportunities for ALL, both organically and through
acquisitions. Moreover, the short-term news flow on the
company should be positive on the back of increased
productivity, cost-cutting measures, and new partnerships
with exporters.
Santos Brasil: Consolidating past acquisitions while
growing organically in the largest port in Latin America.
We see the company’s most recent three acquisitions as a
major source of growth. Santos Brasil presents investors
with both a cheap option and a high growth opportunity in
the Brazilian transportation sector.
Wilson Sons: Diversification = cross-selling
opportunities. Wilson Sons offers a wide range of maritime
services that we do not believe will bring the company many
synergies. However, we believe there are untapped crossselling
opportunities. We see Wilson Sons’ port terminals as
a major value-adding segment.
Log-In: Cabotage is the most relevant business line. Log-
In offers door-to-door services to container cargo, via three
different means of transport: rail, coastal shipping, and
trucks. We see cabotage growing more than its other
business segments, given low competition and a high return
on equity invested. However, we have not seen Log-In
capitalize on the potential growth in this industry. We
believe that Log-In shares are fully priced at current levels

目录

Sector overview 4
Company profiles 13
America Latina Logistica 14
Santos Brasil Participações 30
Log-In 46
Wilson Sons 61
Disclosure appendix 76
Disclaimer 79