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 (納斯達克:MELI) 預計將於2024年10月底/11月初公佈其第三季度業績。
MercadoLibre operates online marketplaces dedicated to e-commerce and online auctions.
MercadoLibre經營着專門面向電子商務和在線拍賣的在線市場。
The analysts estimate adjusted EPS of $10.55 with revenues of $5.25 billion, as per data from Benzinga Pro.
分析師預計調整後的每股收益爲$10.55，營業額爲$52.5億，這是根據Benzinga Pro的數據。
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.
高盛預計MercadoLibre將在2024年第三季度再次表現出色，受到商品總價值(GMV)強勁增長的推動，預計將提升其電子商務市場份額。
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，該公司預計總付款額（TPV）和貸款組合將繼續擴張。該銀行預計巴西和墨西哥本幣GMV的增長率將超過30%，阿根廷將有顯著加速。
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，分析師指出，由於季度內新成立的物流設施，尤其是在巴西，仍在逐步擴大，可能會對利潤率產生輕微壓力。分析師預計EBIt爲$74900萬，略高於$74000萬的共識，這一差異歸因於強勁的GMV增長，儘管預計利潤率稍有下降（13.9%比共識的14.4%）。
The analyst maintains the Buy rating on MercadoLibre, with a +30% potential upside to the price target of $2,620.
分析師維持對MercadoLibre的買入評級，並將目標股價上調至$2,620，潛在上漲幅度達+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.
分析師預計MercadoLibre的總貸款組合將在2025年底達到$76億，2026年底達到$94億（截至2024年第2季度爲$49億），信用卡在2025年/26年的年均貸款本書中佔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以來，mercadolibre每季度在巴西發行大約160萬張新卡，並平均爲其綜合信用卡帳戶增加32500萬美元。
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.
分析師指出，管理層對這一發卡速度感到滿意； mercadolibre的信貸業務一直遵循風險管理參數，平衡了盈利能力，而不是爲了不惜一切擴張。
Price Action: MELI stock is down 0.51% at $2,037.47 at last check Thursday.
股價走勢：MELI股價在上週四最後一次檢查時下跌0.51%，至2037.47美元。
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譯文內容由第三人軟體翻譯。
