Latin America | Diario

研报英文原文证据摘录

Latin America | Diario

s insurance for online and offline sellers, including fire, theft and civil 120%

100% 100% 97%

90%liability; home insurance; and cell phone cover. We estimate that revenue from insurance products 100%

81%

80%

68%

56%currently amounts to no more than a low single digit percentage of non-credit fintech service 60% 54% 56% 54%

46% 46% 44% 44%revenue, equivalent to less than 1% of MELI's total net revenue. 40% 32% 53%47%

20% 10% 19%

YPF (Buy) | First View - YPF Luz IPO. YPF’s power generation subsidiary YPF Luz (75% YPF / 0% 0% 0% 3% Qtr1 Qtr2 Qtr3

25% BNR Power) filed to IPO on the NYSE and Argentina's BYMA. The offering is set to be entirely 2018 2019 2020 2021 2022 TotalPass2023 Wellhub2024 2025 2026

secondary and undertaken by BNR Power (a JV between GE Vernova (Buy) and China’s Silk Road .Source: SensorTower, Jefferies

Fund). YPF Luz has 3.7GW of installed capacity (75% gas-fired, 25% renewables), has generated

EBITDA of US$0.5bn LTM, and has leverage of 1.6x. We note that Argentine power generation

stocks such as Central Puerto (CEPU, NC) trade on c7x EV/EBITDA LTM.

SmartFit (Buy) | TotalPass continues to expand rapidly, marginal market share ~54%. SmartFit

growth outlook remains underpinned by a structurally differentiated and increasingly verticalized

model, combining its leading core gym operations with the fast-growing TotalPass platform.

Monthly active users (MAUs) grew 82% YoY in Q2, significantly outpacing WellHub’s 18% growth.

App download data, which we view as a proxy for marginal market share, indicates TotalPass Alejandro Anibal Demichelis * | Equity Analyst

+34 919498377 | ademichelis@jefferies.com

captured c54% of new user additions during the period.

Francisco Barbosa ^ | Equity Analyst