New Street Research - DLOCAL LTD (DLO) DLO US (Buy, TP: $22, +33%) dLocal - CEO Pedro Arnt Call Notes Replay / updated estimates

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New Street Research

Soomit Datta

EUR 9179.00 For Business Accounts Only

DLO US (Buy, TP: $22, +33%) dLocal - CEO Pedro Arnt Call Notes & Replay / updated estimates

We hosted a call with CEO Pedro Arnt earlier this week. Numbers are resetting after the Q4s, pulling back to within the new guide range, with shifts in settlement and profitability due to FX (Argentina, Egypt) compressing gross margins. We have cut 2024 GP by 12% (6% in 2025) and our target from $24 to $22; Argentina is now just 6% of group gross profit in 2024 (upside optionality at this point).

11/04/2024 1 EN

Underlying

DLOCAL LTD

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KYG290181018 Uruguay

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New Street Research

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
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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: $22, +33%) dLocal - CEO Pedro Arnt Call Notes & Replay / updated estimates

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

DLO US (Buy, TP: $22, +80%) Q1 Quick Take: Seasonality, volatility and FX drive big Gross Profit miss

dLocal Reports 2024 First Quarter Financial Results

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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