{"id":3481,"date":"2024-12-17T10:28:36","date_gmt":"2024-12-17T09:28:36","guid":{"rendered":"https:\/\/www.powertrade.fr\/?p=3481"},"modified":"2024-12-17T10:29:22","modified_gmt":"2024-12-17T09:29:22","slug":"the-meli-constellation","status":"publish","type":"post","link":"https:\/\/www.powertrade.fr\/index.php\/2024\/12\/17\/the-meli-constellation\/","title":{"rendered":"The MELI Constellation"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"904\" height=\"704\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture1-1.png\" alt=\"\" class=\"wp-image-3483\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture1-1.png 904w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture1-1-300x234.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture1-1-768x598.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\">\n<p>Mercado Libre Inc.(TICKER:MELI) est une entreprise qui est souvent compar\u00e9e \u00e0 l&rsquo;Amazon de l&rsquo;Am\u00e9rique Latine, pour son commerce en ligne. Aujourd&rsquo;hui (17\/12\/2024), je souhaite faire un rapport en profondeur sur cette soci\u00e9t\u00e9, afin de comprendre les fondamentaux ainsi que les opportunit\u00e9s de croissance.<\/p>\n<\/div>\n\n\n\n<p>MercadoLibre est un conglom\u00e9rat qui op\u00e8re \u00e0 travers 6 segments :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mercado Libre Marketplace: une plate-forme de commerce en ligne automatis\u00e9e qui permet aux entreprises, aux commer\u00e7ants et aux particuliers de r\u00e9pertorier des marchandises et d&rsquo;effectuer des ventes et des achats en ligne.<\/li>\n<\/ul>\n\n\n\n<p>\u2022 Mercado Pago FinTech: une plateforme de solutions technologiques financi\u00e8res, qui facilite les transactions sur et hors de ses places de march\u00e9 en fournissant un m\u00e9canisme qui permet \u00e0 ses utilisateurs d&rsquo;envoyer et de recevoir des paiements en ligne, ainsi que de transf\u00e9rer de l&rsquo;argent par le biais de leurs sites web ou de leurs applications. Mercado Credito: accorde des pr\u00eats \u00e0 certains commer\u00e7ants et consommateurs.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mercado Envios: solution logistique qui permet aux vendeurs sur sa plateforme d&rsquo;utiliser des transporteurs tiers et d&rsquo;autres fournisseurs de services logistiques, ainsi que des services d&rsquo;ex\u00e9cution et d&rsquo;entreposage pour les vendeurs.<\/li>\n\n\n\n<li>Mercado Libre Publicidad (Ads): plate-forme publicitaire qui permet aux grands d\u00e9taillants et aux marques de promouvoir leurs produits et services sur Internet.<\/li>\n\n\n\n<li>Mercado Shops: une solution de vitrine en ligne qui permet aux utilisateurs de cr\u00e9er, de g\u00e9rer et de promouvoir leurs propres boutiques num\u00e9riques, \u00e0 l&rsquo;instar de Shopify.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"599\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-1024x599.png\" alt=\"\" class=\"wp-image-3484\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-1024x599.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-300x176.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-768x449.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-1536x899.png 1536w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture2-2048x1198.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>G\u00e9ographie:<\/p>\n\n\n\n<p>Mercado Libre \u00e9volue dans l&rsquo;une des r\u00e9gions les plus dynamiques et les plus peupl\u00e9es, \u00e0 savoir l&rsquo;Am\u00e9rique latine (Am\u00e9rique centrale et Am\u00e9rique du Sud), et plus particuli\u00e8rement la r\u00e9gion o\u00f9 le taux de p\u00e9n\u00e9tration de l&rsquo;Internet, des achats en ligne et des paiements en ligne est le plus \u00e9lev\u00e9 (ce qui signifie que le nombre de personnes ayant acc\u00e8s \u00e0 l&rsquo;Internet et l&rsquo;utilisant est de plus en plus important et qu&rsquo;il y a encore de la place pour la croissance !)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"593\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-1024x593.png\" alt=\"\" class=\"wp-image-3485\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-1024x593.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-300x174.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-768x445.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-1536x890.png 1536w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture3-2048x1186.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"648\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-1024x648.png\" alt=\"\" class=\"wp-image-3486\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-1024x648.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-300x190.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-768x486.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-1536x972.png 1536w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture4-2048x1297.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>L&rsquo;une des donn\u00e9es ou l&rsquo;un des graphiques les plus importants, \u00e0 mon avis, est la p\u00e9n\u00e9tration d&rsquo;Internet sur les trois principaux march\u00e9s du Mercado Libre, qui repr\u00e9sentent le potentiel de croissance le plus pr\u00e9cieux pour cette entreprise et pour nous, investisseurs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-1024x597.png\" alt=\"\" class=\"wp-image-3487\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-1024x597.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-300x175.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-768x448.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-1536x896.png 1536w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5-1200x700.png 1200w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture5.png 1980w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Apr\u00e8s avoir vu les activit\u00e9s, les march\u00e9s et la g\u00e9ographie, j&rsquo;aimerais souligner la stabilit\u00e9 financi\u00e8re historique et la croissance de cette soci\u00e9t\u00e9. En ce qui me concerne et pour ma th\u00e8se d&rsquo;investissement, je recherche des soci\u00e9t\u00e9s qui sont capables de faire cro\u00eetre leur chiffre d&rsquo;affaires, leur b\u00e9n\u00e9fice par action (EPS), leur free cash flow (FCF) et leur r\u00e9sultat net \u00e0 un taux sup\u00e9rieur \u00e0 15% par an, afin de s&rsquo;assurer de d\u00e9passer le rendement historique du march\u00e9 qui est d&rsquo;environ 10% (S&amp;P500).<\/p>\n\n\n\n<p>Ainsi, au cours des 5 et 10 derni\u00e8res ann\u00e9es, MELI a connu une croissance CAGR:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue (TTM): 5Y: 55,14%. 10Y: 41,90%<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FCF (TTM): 5Y: 82,42%. 10Y: 42,64%<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EPS (TTM): 10Y: 28,74%<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net income (TTM): 10Y: 34,97%<\/li>\n<\/ul>\n\n\n\n<p>Comme nous l&rsquo;avons vu ci-dessus, Meli surpasse tous les indicateurs avec une croissance impressionnante qui s&rsquo;est refl\u00e9t\u00e9e sur le prix de l&rsquo;action qui a augment\u00e9 de plus de 29,35% par an au cours des 5 derni\u00e8res ann\u00e9es.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"918\" data-id=\"3491\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture6-1024x918.png\" alt=\"\" class=\"wp-image-3491\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture6-1024x918.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture6-300x269.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture6-768x688.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture6.png 1155w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"918\" data-id=\"3490\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture7-1024x918.png\" alt=\"\" class=\"wp-image-3490\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture7-1024x918.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture7-300x269.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture7-768x688.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture7.png 1155w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"918\" data-id=\"3488\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture8-1024x918.png\" alt=\"\" class=\"wp-image-3488\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture8-1024x918.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture8-300x269.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture8-768x688.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture8.png 1155w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"918\" data-id=\"3489\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture9-1024x918.png\" alt=\"\" class=\"wp-image-3489\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture9-1024x918.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture9-300x269.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture9-768x688.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture9.png 1155w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Le 7 novembre 2024, l&rsquo;action a chut\u00e9 de -16,2% en une journ\u00e9e, malgr\u00e9 une forte croissance trimestrielle sur l&rsquo;ensemble de leurs segments et surtout sur leur unit\u00e9 financi\u00e8re (Mercado Pago) que je suis de pr\u00e8s, puisqu&rsquo;avec la publicit\u00e9, c&rsquo;est la marge la plus \u00e9lev\u00e9e de l\u2019entreprise.<\/p>\n\n\n\n<p>Malgr\u00e9 un PE \u00e9lev\u00e9 de 62,52 (TTM) et 35,21 (FWD), je consid\u00e8re l&rsquo;action comme une opportunit\u00e9 d&rsquo;achat \u00e9tant donn\u00e9 la croissance potentielle et les pr\u00e9visions des analystes qui tablent sur une croissance de plus de 20% du chiffre d&rsquo;affaires et du BPA, et compte tenu du fait que ces soci\u00e9t\u00e9s de croissance se n\u00e9gocient g\u00e9n\u00e9ralement \u00e0 un multiple \u00e9lev\u00e9 du PE, qu&rsquo;elles ont un rendement du flux de tr\u00e9sorerie disponible de 6,27% et que l&rsquo;action ne s&rsquo;est jamais n\u00e9goci\u00e9e sur des multiples aussi bas, je pense qu&rsquo;il s&rsquo;agit l\u00e0 d&rsquo;un bon point d&rsquo;entr\u00e9e.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"513\" src=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-1024x513.png\" alt=\"\" class=\"wp-image-3492\" srcset=\"https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-1024x513.png 1024w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-300x150.png 300w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-768x385.png 768w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-1536x770.png 1536w, https:\/\/www.powertrade.fr\/wp-content\/uploads\/2024\/12\/Picture10-2048x1026.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Target price $2400 and average return of +20% per year.<\/p>\n\n\n\n<p><strong>Article \u00e9crit par Malek<\/strong><\/p>\n\n\n\n<p><strong>Il <\/strong><strong>ne <\/strong><strong>s&rsquo;agit <\/strong><strong>pas <\/strong><strong>d&rsquo;un <\/strong><strong>conseil <\/strong><strong>financier, <\/strong><strong>faites <\/strong><strong>vos <\/strong><strong>propres <\/strong><strong>recherche s<\/strong><strong>avant <\/strong><strong>d&rsquo;investir.<\/strong><\/p>\n\n\n\n<p><strong>Tout <\/strong><strong>investissement <\/strong><strong>financier <\/strong><strong>comporte <\/strong><strong>des <\/strong><strong>risques, <\/strong><strong>y <\/strong><strong>compris <\/strong><strong>la <\/strong><strong>perte <\/strong><strong>partielle <\/strong><strong>ou <\/strong><strong>totale du capital.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mercado Libre Inc.(TICKER:MELI) est une entreprise qui est souvent compar\u00e9e \u00e0 l&rsquo;Amazon de l&rsquo;Am\u00e9rique Latine, pour son commerce en ligne. Aujourd&rsquo;hui (17\/12\/2024), je souhaite faire un rapport en profondeur sur cette soci\u00e9t\u00e9, afin de comprendre les fondamentaux ainsi que les opportunit\u00e9s de croissance. MercadoLibre est un conglom\u00e9rat qui op\u00e8re \u00e0 travers 6 segments : \u2022 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ofc_meta_disable_footer_callout":"","ofc_meta_callout_button_url":"","ofc_meta_callout_button_txt":"","ofc_meta_callout_text":"","ofc_enable_fullscreen":"disable","ofc_fullscreen_speed":0,"ofc_fullscreen_nav":"enable","ofc_fullscreen_nav_pos":"right","ofc_fullscreen_nav_color":"","ofc_fullscreen_nav_tooltip_color":"","ofc_fullscreen_responsive":0,"osp_disable_panel":"default","osh_disable_topbar_sticky":"default","osh_disable_header_sticky":"default","osh_sticky_header_style":"default","osh_sticky_header_effect":"","osh_custom_sticky_logo":0,"osh_custom_retina_sticky_logo":0,"osh_custom_sticky_logo_height":0,"osh_background_color":"","osh_links_color":"","osh_links_hover_color":"","osh_links_active_color":"","osh_links_bg_color":"","osh_links_hover_bg_color":"","osh_links_active_bg_color":"","osh_menu_social_links_color":"","osh_menu_social_hover_links_color":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-eco","entry","has-media"],"categories_names":["Macro-\u00e9conomie"],"post_class":[["post-3481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-eco","entry","has-media"]],"author_avatar":["<img 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