MELI is NOT cheap, but getting there - But this is what EVERYBODY gets wrong!

There is too much influencer/Reddit hype around it. Yes, great potential. Yes, lot of runway. Yes, getting interesting. Yes, they did not even start monetizing ads well. But risk-reward guys... I do not know whether you noticed that: \* Argentina reached a plateau (so only ads can help) \* Growth crucially depends on new markets \* China is attacking \* (Amazon basically is busy with other stuff now, like AI and their new ad business) \* (If the political risk is new to you, close this window, sell all your individual stocks and buy an ETF) However, everyone is messing up the valuation. So let's start with a monkey calculator - I think this is a conservative BASE case from a value investor perspective [https://i.postimg.cc/DyBXWcfW/image.png](https://i.postimg.cc/DyBXWcfW/image.png) **Note that I corrected the FCF starting point - this is crucial. I think putting it to 1500 (that's what they reported as adjusted) is too conservative, as clearly they are investing into themselves. But leaving it at 8800 is an epic investor fail.** Basically you need to correct for the fintech part... I choose 4500, honestly 5500 would be also acceptable here, just wanted to run a conservative base case. (I usually stress-test companies with DCF before I start putting in the 5 hrs quick research, then test again before put in the 40-80 hrs research before buying). If you have further questions, see your favourite AI model, then ask below.