Analysis on GARP with strong economic moats, Moat Investing

Moat Investing

We are a group of experienced investors that like to dig deeper into stocks to find growth stories at a reasonable price with strong economic moats. We also aim to conduct high-quality analysis by doing deep dive on valuations, key business drivers, risk/reward, and different future scenarios.

Analysis on GARP with strong economic moats

GARP with strong economic moats

Equity Bottom-Up

<ul>
<li>Net Revenues reached $1.7 bln (102.6% YoY) on an FX neutral basis; Gross profit was $753 mln (44.3% margin), and the Income from operations was $166.2 mln ($99.4mln in Q1 20).</li>
<li>Net income before taxes was $138.9 mln ($89,3 mln in Q1 20); Net profit was $68.2 mln and Total Payment Volume was $17.5 bln, up 72% YoY on a FX neutral basis.</li>
<li>GMV was $7 billion, up 46% YoY on a FX neutral basis and the Unique active users reached 75.9 mln (+ 47,4% YoY);</li>
<li>Mercado Envios shipped over 230.5 mln items (+46.4% YoY) and Mobile Wallet delivered $2.9 bln in TPV (almost 200% growth YoY on a FX neutral basis.</li>
<li>Mercado Credito portfolio has reached $800 mln.</li>
</ul>


Net Revenues reached $1.7 bln (102.6% YoY) on an FX neutral basis; Gross profit was $753 mln (44.3% margin), and the Income from operations was $166.2 mln ($99.4mln in Q1 20).
Net income before taxes was $138.9 mln ($89,3 mln in Q1 20); Net profit was $68.2 mln and Total Payment Volume was $17.5 bln, up 72% YoY on a FX neutral basis.
GMV was $7 billion, up 46% YoY on a FX neutral basis and the Unique active users reached 75.9 mln (+ 47,4% YoY);
Mercado Envios shipped over 230.5 mln items (+46.4% YoY) and Mobile Wallet delivered $2.9 bln in TPV (almost 200% growth YoY on a FX neutral basis.
Mercado Credito portfolio has reached $800 mln.


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