2025-06-13-Jefferies-自由市场（MELI）_观看视频_评估长期增长机会_7页_299kb

报告摘要

Company: Latin America's leading online commerce and fintech ecosystem, operating in 18 countries.
Core Markets: Strong presence in Brazil, Mexico, and Argentina.
Investment Risks: Competitive pressures (e-commerce giants), regulatory scrutiny, growth in credit segment, and acquiring business margin compression.
Upside Potential: Grocery penetration expansion, retail market growth outside core countries, becoming the largest digital bank in Latam, long-term margin improvements.

Recent Performance: Price downgraded to Hold after strong performance.
Roadshow: Attended investor meetings post-research update.
Market Position: Firing on all cylinders, strong balance between growth and profitability.

TAM Assessment: Reviewed Total Addressable Markets (TAM) across commerce, acquiring, credit, and ads segments.
Strategic Adjustments: Positioned product offerings to enhance growth.
Growth Metrics: Continuous expansion in credit quality and strategic initiatives.

All analysts affirm that the views expressed in the report are their personal views and not tied to compensation.

Lead Analysts:
- Alex Wright (Equity Analyst, +44 207 029 8368)
- Inigo Vega (Equity Analyst, +34 910769995)
- Pedro Baptista (Equity Analyst, +44 207 029 8351)
- Antonio Pedro Cardoso, CFA (Equity Associate, +44 207 029 8748)

Recent Trends: Fluctuations observed from 2024 onwards; current price target reflects confidence in 2026 EBITDA multiples.

Jefferies, analysts' employers, and other affiliated entities may have conflicts of interest.
Investment recommendations and ratings are not personalized; readers are advised to make informed decisions using their financial advisors.

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