New Street: PAGS US (Buy, TP: $40, +77%) STNE US (Neutral, TP: $23, +47%) GET US (Neutral, TP: $1.8, +43%) Brazil Payments: Spreads notch down in December - but broadly stable in Q4
We have pulled together latest BCB data through end-December showing Prepayment rates vs annualized SELIC. Spreads dipped again in the final month of the year, having ticked up in November, though in general terms price increases appear to have momentum (yields up 360bps in Q4) and have served to support spreads in Q4 after strong declines during the first nine months of the year.
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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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