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?
The pitch is a long on dLocal with a 12-month horizon and a projected ~50% return, but no time elapsed and no price performance data are available. Without price data, the verdict must rest on whether the thesis's specific events occurred (TPV growth re-acceleration, take-rate stabilization, the 8% NTM EPS beat, and re-rating to 20x P/E), and none of these can be verified from the information provided. There is no basis to confirm or invalidate the thesis, so the outcome cannot be judged.