New Street: DLO US (Neutral, TP: $60, -10%) dLocal - CEO/COO Investor Call feedback
Following our recent initiation and Q2 results (18 August) we held an Investor Call with dLocal CEO's and COO at the end of last week. No change to the view that numbers were very strong and running ahead of expectations, though events came together in Q2 (macro, new merchants) which provided particular support. We have updated estimates and move our target from USD50 to USD60, staying Neutral given very elevated valuations (130x net revenue) and with a significant lock-up expiry from 1 Sept. We include our meeting notes.
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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
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We provide debt research on:
- Pan European Telecom Services and Cable
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