Latin America Equity Research LatAm First to Market 28 July 2026 Top Stories | Isa Energia (Arthur Pereira, CFA) (ISAE4 BZ, N, PT R$26.50) Tight Risk Premium and Mixed Signs - Downgrade to Neutral We downgrade ISAE to Neutral and establish a YE27 PT of R$26.50 as we see a less favorable risk asymmetry. What has changed? 1) Valuation: ISAE now stands at the lower end of our IRR, as we incorporate JPM's higher rates (see Tilts & Tolls - Sector Picks), 2) Upside risks: the 20-30% upside risk from a potential s ...