MercadoLibre's strengthening network effect offers macro insulation and new growth opportunities.
After some initial concern about softer-than-anticipated preliminary gross merchandise volume when reporting preliminary results on Oct. 12, MercadoLibre's full third-quarter update gave us comfort that the network effect underpinning our narrow moat rating and its longer-term growth opportunities are fully intact. Constant-currency GMV grew 46% to just over $2.0 billion during the quarter, a deceleration from 83% average growth the previous four quarters, but explained by the lapping of new "fr...MercadoLibre is engages in an online commerce ecosystem. Co.'s platform is designed to provide users with a portfolio of services to facilitate commercial transactions. Co. integrated e-commerce services includes: the MercadoLibre Marketplace, which is an automated, topically-arranged and user-friendly online commerce service; MercadoLibre Classifieds Service, which users can also list and purchase motor vehicles, vessels, aircraft, real estate and services; MercadoPago payments solution, providing a mechanism that allows its users to send and receive payments online; and MercadoLibre advertising program, which enable businesses to promote their products and services on the Internet.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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