New Street: The Cheapest PayCo Globally? LatAm Payments Outlook 2023; Upgrade PAGS to Buy
The macro backdrop in Brazil is tough, with well-flagged headwinds into Q4 and early 2023 for TPV. At the same time, the rates cycle is holding higher for longer. The market remains hyper nervous on the Brazil Payment companies, we sense, but as we look ahead to 2023 we think the ~8x 2023e PE multiple on PagSeguro (with 2023-25e CAGR of ~40%) is too hard to ignore.
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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