NU US (Buy, TP: $6.8, +48%) PAGS US (Buy, TP: $17, +96%) MELI US (Neutral, TP: $1,350, +10%) LatAm Fintech into Q1 - Better momentum at NU, PAGS the value play on falling rates
March inflation in Brazil of 4.65% y/y, published this week and coming in below expectations, should be taken well in the beaten up regional Fintech space – most notably for the Payment companies. Our focus in this note is, however, more on the lending side and on Nubank, where we see better momentum on lending into Q1, further upside from Payroll lending (introduced into estimates for the first time) and an attractive relative valuation (2-year forward PE).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.
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
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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