Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

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EM Spreads

Credit

<ul>
<li>We remain optimistic about MELI’s financial and business risk profile.</li>
<li>If the company achieves investment-grade status in the short term, we believe MELI’s fundamental strengths are already reflected in current spreads.</li>
<li>Weaker-Than-Expected 3Q24 results. MELI's strategic investments in credit growth and logistics expansion significantly affected profitability, with the EBIT margin contracting by 950 bps year-over-year.</li>
</ul>


We remain optimistic about MELI’s financial and business risk profile.
If the company achieves investment-grade status in the short term, we believe MELI’s fundamental strengths are already reflected in current spreads.
Weaker-Than-Expected 3Q24 results. MELI's strategic investments in credit growth and logistics expansion significantly affected profitability, with the EBIT margin contracting by 950 bps year-over-year.


MELI 3Q24: Strategic Credit Growth and Logistics Investments Dampen Short-Term Profitability