DLocal S.A.
Thesis
DLO is positioned to capitalize on the significant growth in digital payments in emerging markets, which are expected to see mid-teens growth through 2030. The company addresses the complexities of local payment ecosystems, allowing global merchants to outsource their payment operations. With a new management team focused on improving execution and governance, and a target price of $20 per share based on a 20x forward P/E multiple, DLO presents an attractive risk/reward opportunity.
Did it work?
The stock price has decreased by 1.4% since the pitch, which contradicts the long thesis that anticipated significant growth in digital payments and a target price of $20 per share. Given that 28 months have passed, which is a substantial portion of the investment horizon, the lack of positive price movement indicates that the thesis did not materialize as expected.
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