Morningstar

MercadoLibre Inc MELI

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MercadoLibre's Market Share Gains Continue as Ecosystem Approach Continues to Bear Fruit

Sean Dunlop

MercadoLibre has positioned itself as a one-stop solution for Latin American commerce. In recent years, it has developed a comprehensive ecosystem of mutually reinforcing services, with a core marketplace supported by a payments and lending arm (Mercado Pago and Mercado Credito), a best-in-breed shipping solution (Mercado Envios), and an increasingly robust advertising platform (Mercado Ads). With effectively all the firm's platform gross merchandise volume funneled through proprietary payment rails and shipped through Envios, the marketplace operator has effectively addressed two of the biggest pain points in e-commerce.

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Price vs Fair Value

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MELI is trading at a 485% premium.
Price
$2,064.71
Fair Value
$6,485.00
Uncertainty
High
1-Star Price
$1,941.80
5-Star Price
$657.00
Economic Moat
Nyyrk
Capital Allocation
Mqfpxbsvt

Bulls Say, Bears Say

Bulls

Surging digital payment adoption and increasing acceptance of online shopping should underpin a durable secular growth narrative for MercadoLibre.

Bears

Stout competition among fintech players could result in lower than expected growth or net interest margin after losses in consumer, merchant, and credit card product lines for Mercado Pago.

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
100.50
Price/Sales
6.01
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
0.14%

Company Profile

MercadoLibre runs the largest e-commerce marketplace in Latin America, with more than 218 million active users and 1 million active sellers across 18 countries stitching into its commerce network or fintech solutions as of the end of 2023. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.
Sector
Consumer Cyclical
Industry
Internet Retail
Stock Style Box
Large Growth
Total Number of Employees
58,313
Website
https://www.mercadolibre.com

Competitors

Valuation

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Metric
MELI
BABA
AMZN
Price/Earnings (Normalized)
 100.5012.6243.97
Price/Book Value
 28.631.988.34
Price/Sales
 6.012.043.31
Price/Cash Flow
 28.2311.3617.41
Price/Earnings
MELI
BABA
AMZN

Financial Strength

Metric
MELI
BABA
AMZN
Quick Ratio
 0.901.310.88
Current Ratio
 1.281.411.10
Interest Coverage
 6.476.2919.26
Quick Ratio
MELI
BABA
AMZN

Profitability

Metric
MELI
BABA
AMZN
Return on Assets (Normalized)
 9.21%8.55%12.54%
Return on Equity (Normalized)
 53.69%15.37%32.13%
Return on Invested Capital (Normalized)
 17.88%12.41%18.92%
Return on Assets
MELI
BABA
AMZN

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