DLO US (Neutral, TP: $17, +20%) dLocal - Q1 23: Nigeria now the largest business; Glass half full or empty?
dLocal reported Q1s after close, with revenue and TPV in-line and gross profit a touch ahead of Q1 guide (which was given after the quarter closed). The better sequential revenue was driven partly by an Argentine recovery whilst new disclosure for Nigeria– remarkably given DLO’s LatAm roots – show this is now the largest market for the company (>20% of revenue) having driven over 50% of the revenue growth in the last 12 months.
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