New Street Research - COAL OF AFRICA LTD (CZA) ... New Street: DLO US (Buy, TP: $38, +68%) dLocal Q3 22 Quick Take: Strong performance in Asia/Africa; revenue hit from Argentina

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New Street Research

Eduardo Henrique Gomes ...

Soomit Datta

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New Street: DLO US (Buy, TP: $38, +68%) dLocal Q3 22 Quick Take: Strong performance in Asia/Africa; revenue hit from Argentina

dLocal reported Q3s after close. Numbers missed our revenue expectations by 2% - though were in-line with consensus - and came in ahead of the street at EBITDA by 1%. Within the mix we saw a very strong performance from Asia/Africa, whilst LatAm was impacted by Argentina, in turn relating to FX regulations imposed from the Central Bank.

15/11/2022 1 EN

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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.

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Eduardo Henrique Gomes

Soomit Datta

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New Street: DLO US (Buy, TP: $38, +68%) dLocal Q3 22 Quick Take: Strong performance in Asia/Africa; revenue hit from Argentina

DLO US (Neutral, TP: $17, +10%) Quick Take: MercadoLibre's CFO to co-CEO should settle investor fears; strong Q2s further help

DLO US (Neutral, TP: $17, +20%) dLocal - Q1 23: Nigeria now the largest business; Glass half full or empty?

DLO US (Neutral, TP: $25, +45%) dLocal Q4s - Falling take rates drive Gross Profit/EBITDA miss, as well as weaker guide

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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