New Street Research - DLOCAL LTD (DLO) DLO US (Buy, TP: $16, +60%) dLocal - Notes from CEO Pedro call back; updating estimates following Q1 shock

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New Street Research

Soomit Datta

EUR 9605.00 For Business Accounts Only

DLO US (Buy, TP: $16, +60%) dLocal - Notes from CEO Pedro call back; updating estimates following Q1 shock

We spent time with CEO Pedro Arnt today and update our model, remodeling also for the new gross profit (GP) disclosure by country. We have made sizeable cuts to estimates.

16/05/2024 1 EN

Underlying

DLOCAL LTD

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KYG290181018 Uruguay

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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DLO US (Buy, TP: $16, +60%) dLocal - Notes from CEO Pedro call back; updating estimates following Q1 shock

DLO US (BUY, TP: $14, +50%) Q3 24 - Another nice GP beat; upbeat into FY 25

dLocal Reports 2024 Third Quarter Financial Results

dLocal to Report Third Quarter 2024 Financial Results

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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