New Street Research - dLocal (DLO) New Street: DLO US (Neutral, TP: $50, +0%) dLocal Q2s Quick Take - Very strong top line

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New Street Research

Soomit Datta

New Street: DLO US (Neutral, TP: $50, +0%) dLocal Q2s Quick Take - Very strong top line

dLocal reported Q2s after close, its first quarter since the recent IPO (see dLocal # INITIATION # - Beyond borders). TPV (+318% y/y) and revenue (+186% y/y) were both much stronger than expected (30% ahead of us at revenue!), aided by annualising an easier Q2 comp but with the sequential step up (vs Q1) still much better at the revenue level than expected (we don’t think we were too far away from the limited consensus on the stock).

19/08/2021 5 EN

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dLocal

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New Street Research

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Soomit Datta

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

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

dLocal reported Q4s after close, the first set of numbers since the short-seller report fall out. TPV was well ahead though revenue was a touch light on a further lurch down in take rates.

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Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

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Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

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Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9284.00

18h / 1m 18h / 1m 1 EN

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New Street: DLO US (Neutral, TP: $50, +0%) dLocal Q2s Quick Take - Very strong top line

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

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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