dLocal
Thesis
We recommend a BUY for dLocal, a scaled emerging-markets payments infrastructure provider that is at an inflection point. TPV growth is re-accelerating, take-rate compression is stabilizing, and a new management team is tightening execution. The stock trades at a discount to developed market peers at 17x P/E NTM and 7% FCF yield, with a projected 50% return over the next 12 months driven by an 8% NTM EPS beat, 28% EPS roll-forward, and a re-rating to 20x P/E NTM.
Did it work?
Without specific price performance data or a defined time horizon for the thesis, it's difficult to assess whether the investment thesis has played out. The recommendation was based on several factors, including TPV growth and valuation metrics, but without knowing how these factors have evolved or affected the stock price, the outcome remains uncertain.
Raw excerpt
No raw excerpt stored.