MercadoLibre Poised For 30% Upside As Gross Merchandise Value And Payment Volume Surge, Says Goldman Sachs
MercadoLibre Poised For 30% Upside As Gross Merchandise Value And Payment Volume Surge, Says Goldman Sachs
Goldman Sachs anticipates MercadoLibre will deliver another strong performance in the third quarter of 2024, driven by robust growth in gross merchandise value (GMV), which is expected to boost its e-commerce market share.MercadoLibre Inc (NASDAQ:MELI) is expected to report its third quarter 2024 in late October/early November.
MercadoLibre Inc (纳斯达克:MELI) 预计将于2024年10月底/11月初公布其第三季度财报。
MercadoLibre operates online marketplaces dedicated to e-commerce and online auctions.
MercadoLibre经营着专门面向电子商务和在线拍卖的在线市场。
The analysts estimate adjusted EPS of $10.55 with revenues of $5.25 billion, as per data from Benzinga Pro.
分析师预计调整后的每股收益为$10.55，营业额为$52.5亿，这是根据Benzinga Pro的数据。
Goldman Sachs anticipates MercadoLibre will deliver another strong performance in the third quarter of 2024, driven by robust growth in gross merchandise value (GMV), which is expected to boost its e-commerce market share.
高盛预计MercadoLibre将在2024年第三季度再次表现出色，受到商品总价值(GMV)强劲增长的推动，预计将提升其电子商务市场份额。
Additionally, the firm sees continued expansion in total payment volume (TPV) and its loan portfolio. The bank expects local currency GMV growth to exceed 30% year-over-year in Brazil and Mexico, with significant acceleration in Argentina.
此外，该公司预计总付款额（TPV）和贷款组合将继续扩张。该银行预计巴西和墨西哥本币GMV的增长率将超过30%，阿根廷将有显著加速。
However, the analyst notes potential slight pressure on margins due to new logistics facilities launched during the quarter, particularly in Brazil, which are still scaling. The analyst's EBIT projection of $749 million is slightly higher than the consensus of $740 million, attributing the difference to stronger GMV growth, although margins are expected to be slightly lower (13.9% vs. the consensus of 14.4%).
然而，分析师指出，由于季度内新成立的物流设施，尤其是在巴西，仍在逐步扩大，可能会对利润率产生轻微压力。分析师预计EBIt为$74900万，略高于$74000万的共识，这一差异归因于强劲的GMV增长，尽管预计利润率稍有下降（13.9%比共识的14.4%）。
The analyst maintains the Buy rating on MercadoLibre, with a +30% potential upside to the price target of $2,620.
分析师维持对MercadoLibre的买入评级，并将目标股价上调至$2,620，潜在上涨幅度达+30%。
The analyst projects MercadoLibre's total gross loan portfolio to reach $7.6 billion by year-end 2025 and $9.4 billion by year-end 2026 (vs. $4.9 billion as of 2Q24), with credit cards reaching 46% and 51% of the average annual loan book in 2025/26.
分析师预计MercadoLibre的总贷款组合将在2025年底达到$76亿，2026年底达到$94亿（截至2024年第2季度为$49亿），信用卡在2025年/26年的年均贷款本书中占46%和51%。
Since 4Q23, MercadoLibre has been issuing around 1.6 million new cards per quarter in Brazil and adding, on average, $325 million to its consolidated credit card book.
自4Q23以来，mercadolibre每季度在巴西发行大约160万张新卡，并平均为其综合信用卡账户增加32500万美元。
The analyst highlights that the management feels comfortable with this pace of origination; MercadoLibre's credit operation has always operated with risk management parameters that balance profitability rather than growing at any cost.
分析师指出，管理层对这一发卡速度感到满意； mercadolibre的信贷业务一直遵循风险管理参数，平衡了盈利能力，而不是为了不惜一切扩张。
Price Action: MELI stock is down 0.51% at $2,037.47 at last check Thursday.
股价走势：MELI股价在上周四最后一次检查时下跌0.51%，至2037.47美元。
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