Mar. 6 at 2:30 PM
EM Equities: Growth vs Valuation Disconnect 🔥
Some EM stocks are on fire top-line, yet multiples look “high” or “cheap” depending on how you slice it:
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$SE – P/E 35x, Forward P/E 22x, EV/GP 4.4x
Lowest ratio since 2023, when growth was 5%. Today: 37% top-line growth,
$400M/qtr. Earnings up 195% in 2024, 255% in 2025.
$GRAB – P/E 68x, Forward P/E 43x, EV/GP 8.2x
32% of market cap in net cash. Adjusted P/E ~46x / 29x. Full-year profitability, 200% EBITDA growth guidance next 3 years, 20% top-line CAGR.
$MELI – P/E 44x, Forward P/E 31x, EV/GP 6.5x
Lowest P/E ever. 28 straight quarters >30% top-line growth. Commerce +34%, Fintech +35%, Credit +63%. Growth shows no signs of stopping.
$DLO – P/E 22x, Forward P/E 15x, EV/GP 7.9x
Cheapest here. TPV up 36→60% over 5 quarters. Gross profit up 50% CAGR. FCF → NI ~85%, dividends 30% of FCF starting this year.
