Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>MercadoLibre reported robust results for the first quarter of 2026, driven by strategic investments that contributed to its highest revenue growth rate since mid-2022.</li><li>Net revenue rose 49% year-over-year, supported notably by efforts in Brazil, where the company lowered the free shipping threshold, increasing buyer engagement and volume.</li><li>Brazil’s gross merchandise volume (GMV) grew 38% year-over-year with a 56% rise in items sold, reflecting accelerated growth post pricing adjustments.</li></ul>

MercadoLibre reported robust results for the first quarter of 2026, driven by strategic investments that contributed to its highest revenue growth rate since mid-2022.Net revenue rose 49% year-over-year, supported notably by efforts in Brazil, where the company lowered the free shipping threshold, increasing buyer engagement and volume.Brazil’s gross merchandise volume (GMV) grew 38% year-over-year with a 56% rise in items sold, reflecting accelerated growth post pricing adjustments.

MercadoLibre’s AI Search Push: Can Large Language Models Lift Commerce And Ads?

<ul><li>MercadoLibre is often described as the Amazon of Latin America, but that comparison now feels too narrow.</li><li>The company is no longer just a marketplace where buyers find products and sellers list inventory.</li><li>It is increasingly becoming a digital infrastructure layer across Latin America, combining commerce, payments, credit, logistics, advertising, merchant tools, and artificial intelligence inside one ecosystem.</li></ul>

MercadoLibre is often described as the Amazon of Latin America, but that comparison now feels too narrow.The company is no longer just a marketplace where buyers find products and sellers list inventory.It is increasingly becoming a digital infrastructure layer across Latin America, combining commerce, payments, credit, logistics, advertising, merchant tools, and artificial intelligence inside one ecosystem.

MercadoLibre Is Building Something Far Bigger Than Amazon Ever Did In Latin America!

Credit

<ul><li>MercadoLibre, an e-commerce and fintech leader in Latin America, reported robust results for the fourth quarter of 2025.</li><li>The company experienced a 45% increase in net revenues year-over-year, driven chiefly by its commerce and fintech sectors.</li><li>In Brazil, MercadoLibre's largest market, the gross merchandise volume (GMV) advanced by 35% with a corresponding 45% rise in sold items, signaling strengthened competitive standing following strategic enhancements such as reducing the free shipping threshold.</li></ul>

MercadoLibre, an e-commerce and fintech leader in Latin America, reported robust results for the fourth quarter of 2025.The company experienced a 45% increase in net revenues year-over-year, driven chiefly by its commerce and fintech sectors.In Brazil, MercadoLibre's largest market, the gross merchandise volume (GMV) advanced by 35% with a corresponding 45% rise in sold items, signaling strengthened competitive standing following strategic enhancements such as reducing the free shipping threshold.

MercadoLibre: Mercado Pago’s Deposit-Led Engagement Surge—and How Credit Expansion Is Deepening the Ecosystem!

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

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<strong>Persistent Margin Compression</strong>: Despite 44.6% revenue growth, adjusted EBITDA margins fell 318 bps YoY to 12.9% as aggressive ecosystem investments and credit expansion costs continue to prioritize scale over profitability.</li>
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<strong>Neutral Credit Outlook</strong>: Limited scope for further spread compression exists as MELI 2031s already trade tight to the EM BBB index, reflecting a premium valuation that prices in current performance.</li>
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<strong>Strategic Debt Escalation</strong>: Total debt rose $1.52B sequentially to $11.39B, driven by high funding requirements for a credit portfolio that surged 94.4% YoY, tightening liquidity coverage to 1.33x.</li>
</ul>



Persistent Margin Compression: Despite 44.6% revenue growth, adjusted EBITDA margins fell 318 bps YoY to 12.9% as aggressive ecosystem investments and credit expansion costs continue to prioritize scale over profitability.

Neutral Credit Outlook: Limited scope for further spread compression exists as MELI 2031s already trade tight to the EM BBB index, reflecting a premium valuation that prices in current performance.

Strategic Debt Escalation: Total debt rose $1.52B sequentially to $11.39B, driven by high funding requirements for a credit portfolio that surged 94.4% YoY, tightening liquidity coverage to 1.33x.


MercadoLibre 4Q25: Strong Growth, Margin Pressure Persists

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

<p>Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring</a> in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. </p>
<p>Catch the full discussion below: </p>
<div style="display: flex; justify-content: center; align-items: center;"><iframe src="https://www.youtube.com/embed/ZGFdQFlxZvE?si=OgOI8xgl-8tXU_lV" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="allowfullscreen"></iframe></div>
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<p>For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/simon-torring" target="_blank" data-smartkarma-citation="accounts:47333" rel="noopener">Simon Torring.</a></p>
<p>In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. <br>The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.</p>
<p>The webinar will include a live Q&amp;A session.</p>
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<h3>The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.</h3>
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<h2><a href="https://www.smartkarma.com/home/webinar-registration-form-feb2025/" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About <a href="https://www.smartkarma.com/companies/cube-asia/research" target="_blank" rel="noopener">Cube</a>
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<p>Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. <br><strong>Why The Cube?</strong><br>The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business. <br>They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape</p>

Smartkarma hosted Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring in an exclusive Webinar on 15 October '25. Simon shared key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering. 
Catch the full discussion below: 


For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring.
In the upcoming webinar, Simon will share key updates about Southeast Asia's e-commerce industry, including newly released H1 market data for the region's leading e-commerce platforms, from the firm's proprietary Tradewinds data offering.  The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee's expansion in Brazil, along with an e-commerce industry forecast.
The webinar will include a live Q&amp;A session.






The Webinar will be hosted on Wednesday, 15 October 2025, 20:00 SGT.












Register for the Webinar here












About Cube

Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth.  Why The Cube? The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.  They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape

Smartkarma Webinar | Southeast Asia E-Commerce:  H1 Data, Key Developments & Forecast with Cube

Brazil

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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MercadoLibre (MELI US)

MercadoLibre’s AI Search Push: Can Large Language Models Lift Commerce And Ads?

MercadoLibre reported robust results for the first quarter of 2026, driven by strategic investments that contributed to its highest revenue growth...

Baptista Research

MercadoLibre Is Building Something Far Bigger Than Amazon Ever Did In Latin America!

MercadoLibre is often described as the Amazon of Latin America, but that comparison now feels too narrow. The company is no longer just a...

Baptista Research

MercadoLibre: Mercado Pago’s Deposit-Led Engagement Surge—and How Credit Expansion Is Deepening the Ecosystem!

MercadoLibre, an e-commerce and fintech leader in Latin America, reported robust results for the fourth quarter of 2025. The company experienced a...

Baptista Research

MercadoLibre 4Q25: Strong Growth, Margin Pressure Persists

MELI’s 4Q25 reveals a high-growth giant choosing ecosystem dominance over margins. With credit risks rising and bond spreads tight, discover why...

Leandro Gubler

Smartkarma Webinar | Southeast Asia E-Commerce: H1 Data, Key Developments & Forecast with Cube

For our next Webinar we are glad to welcome Cube's Co-Founder and Smartkarma Insight Provider, Simon Torring. In the upcoming webinar, Simon will...

Smartkarma Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)