Stocks

Full analysis: Why the market is underestimating Mercado Libre in 2026

Spent 3 weeks digging through MELI's financials. It's the Amazon + PayPal of Latin America and the market prices it as a simple e-commerce player.Bull CaseFintech Mercado Pago: 52M active users, +45% YoY. The real growth engine. Consumer credit booming in Brazil and Mexico.Logistics: Own fulfillment in 6 countries. Next-day delivery in major Brazilian cities. Massive competitive moat.Advertising: Ads segment at $2.1B annualized, margins >70%. This is the next Retail Media play like Amazon.ValuationAt $1,850 — we're at 28x forward earnings for 35% revenue growth. US comps trade at 40-50x for less growth. My target: $2,600 in 18 months.Position: 45 shares @ $1,720 avg.