MercadoLibre (MELI): cash compounding machine that grows like crazy with a low P/FCF

Been doing some research on MercadoLibre (MELI) using quality scorecard on Intrinsiqq.com and one combination of numbers really got my attention. Current P/FCF is 7.1x. Free cash flow has gone from $2.49B in 2022 to $11.82B TTM, compounding at 47.7%. Now look at the consensus EPS growth estimates: \- 2027: 43% \- 2028: 42% \- 2029: 51% If FCF keeps growing anywhere close to that trajectory, you're looking at a P/FCF that becomes almost comically low in 2-3 years at today's price. We're potentially talking 2-3x FCF on a business that dominates e-commerce and fintech across Latin America. That's the kind of number you see in distressed companies, not compounders with 31% revenue CAGR. The forward P/E tells the same story. Looks expensive at 43.5x today but drops to 27x by 2027 and 13x by 2029 on consensus estimates. The market is pricing this like growth slows down hard. The analysts covering it clearly disagree. The two pushbacks I hear most are margins and debt. On margins, yes they've come down from 14.6% to 9.6% since 2023. But this is largely being driven by MELI aggressively expanding their credit portfolio through Mercado Credito and building out fulfilment infrastructure across Brazil and Mexico. These are deliberate investments into the highest growth parts of their business, not structural deterioration. Amazon looked similar during its heavy infrastructure years and margins recovered sharply once the investment cycle matured. The debt is worth watching. Net debt is at $18.83B TTM and that's not nothing. But with $11.82B in FCF and growing, the coverage is there. At 7x FCF with those earnings estimates the risk/reward seems pretty skewed to the upside. Curious if anyone else has been looking at this. The FCF yield is too good to ignore for me. Am I missing something obvious here?