Altoris/Research and publications
Economic intelligence for decision-makers.
Technical studies and articles on return, cost of capital, risk and restructuring, written for boards, shareholders and executives.
PTOur research, articles and e-book are published in Portuguese.
Profit is not value. The guide to Value-Based Management, with 15 years of data on Brazilian listed companies.
Analysis grounded in data, method and a clear position.
By Ismael Santos and Erik Figueiredo. Full text on the site, with the original PDF available for download.
The capital inflection
When the capital window closes, a company no longer chooses the terms on which it is financed. What to test, protect and select before that happens.
Read the study · 21 min
Record tax burden and the pressure on value creation
Projects that look viable are already destroying value. How to tell whether yours is one of them.
Read the study · 4 min
Value creation in Brazilian companies
Only 14% of listed companies sustain returns above 15%. What separates those that create value from those that merely grow.
Read the study · 6 min
Economic value creation under uncertainty
Fiscal policy sets the minimum return on every investment. Two scenarios for 2027 and what to decide in both.
Read the study · 6 min
Raízen: value destruction and the anatomy of a crisis
R$255 billion in revenue and negative equity. The decisions that turned growth into value destruction.
Read the study · 18 minPerspectives on management, value and crisis.
Articles by Ismael Santos, originally published on LinkedIn and on the Resultadus blog.
2027 does not fit in the 2026 spreadsheet
Read · 2 min · originally published on LinkedIn
The era of complacent management is over
Read · 2 min · originally published on LinkedIn
Poorly designed bonuses and the silent destruction of value
Read · 2 min · originally published on LinkedIn
Why EVA® still challenges so many companies
Read · 3 min · originally published on LinkedIn
The sandcastle of Brazilian companies
Read · 2 min · originally published on LinkedIn
Why create shareholder value, and why now?
Read · 2 min · originally published on the Resultadus blog
The end of certainty in the business environment
Read · 3 min · originally published on the Resultadus blog
Strategic resilience as a competitive advantage
Read · 3 min · originally published on the Resultadus blog
Risk management in preventing corporate crises
Read · 1 min · originally published on the Resultadus blog