评估长期增长机会

Alex Wright * | Equity Analyst+44 (0)20 7029 8368 | awright5@jefferies.comInigo Vega ^ | Equity Analyst+34 910769995 | ivega@jefferies.comPedro Baptista ^ | Equity Analyst+44 (0) 207 029 8351 | pbaptista@jefferies.comAntonio Pedro Cardoso, CFA * | EquityAssociate+44 (0)20 7029 8748 | acardoso@jefferies.com Company DescriptionMercadoLibreMercadoLibre is a leading online commerce and fintech ecosystem in Latin America. The company is incorporated in Delaware, has its principaloffices in Uruguay, and its shares are traded on Nasdaq. The company is present in 18 countries across Latin America, the largest operationsbeing in Brazil, Mexico and Argentina.Company Valuation/RisksMercadoLibreOur price target is set using a DCF approach. Key downside risks include: greater competition in e-commerce from global and Asian playerssuch as Amazon, Shopee, Temu and Alibaba; the possibility of greater regulatory capital requirements as the size of the deposit and credit baseincreases; the ability to maintain high levels of profitability in the credit business, given expansion into new lending segments; potential pricing andmargin compression in the acquiring business. Key upside risks include: greater penetration of groceries segment and of retail markets outsideof Brazil, Mexico and Argentina; achieving ambition of becoming the largest digital bank in Latam; potential long term margin upside if advertisingbecomes a much more significant contributor to revenues.Amazon.com, IncValuation:Our $240 PT is based on ~15x 2026E EV/EBITDA.Risks:Ongoing need to invest keeps a lid on margin expansion; regulatory pressureleads to increasing costs; macroeconomic headwinds cause top-line growth to slow.Analyst Certification:I, Alex Wright, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Inigo Vega, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Pedro Baptista, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Antonio Pedro Cardoso, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed in this research report.Registration of non-US analysts:Alex Wright is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Inigo Vega is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Pedro Baptista is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject tothe FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Antonio Pedro Cardoso, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.As is the case with all Jefferies