MercadoLibre (BUY, TP: $2,300, +25%) UPGRADE TO BUY – Argentina on a roll; credit provisioning digested
Whilst it’s a dangerous move calling a new dawn in Argentine macro (so we’re not..), we think Mercadolibre can at the least ride a favourable wave into 2025. We see room to expand Argentine USD revenue quite materially, noting Q4 highlights for E-Comm have been very favourable (Cyber Monday), whilst private sector credit (country-wide) is already expanding significantly. With very high E-Comm and Pago App usage, Mercadolibre is well set to ride this credit cycle.MercadoLibre is engages in an online commerce ecosystem. Co.'s platform is designed to provide users with a portfolio of services to facilitate commercial transactions. Co. integrated e-commerce services includes: the MercadoLibre Marketplace, which is an automated, topically-arranged and user-friendly online commerce service; MercadoLibre Classifieds Service, which users can also list and purchase motor vehicles, vessels, aircraft, real estate and services; MercadoPago payments solution, providing a mechanism that allows its users to send and receive payments online; and MercadoLibre advertising program, which enable businesses to promote their products and services on the Internet.
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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
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We provide debt research on:
- Pan European Telecom Services and Cable
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