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ActualActualActualEstimateEstimateEstimateEstimateEstimateEstimateEstimateEstimateEstimate
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dLocal Income Statement (USD '000)
201920202021202220232024202520262027202820292030Notes:
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Market Size (Pay-Ins)428,000,000 520,000,000 670,000,000 860,000,000 1,120,000,000 1,344,000,000 1,612,800,000 1,935,360,000 2,322,432,000 2,786,918,400 3,344,302,080
Sourced from AMI Research per F-1
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Cross-Border59,920,000 75,400,000 100,500,000 133,300,000 179,200,000 221,760,000 274,176,000 338,688,000 418,037,760 515,579,904 635,417,395
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Local-2-Local368,080,000444,600,000569,500,000726,700,000940,800,0001,122,240,0001,338,624,0001,596,672,0001,904,394,2402,271,338,4962,708,884,685
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L2L %86%85.50%85.00%84.50%84.00%83.50%83.00%82.50%82.00%81.50%81.00%
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CAGR 2020-202427%
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CAGR 2024-203020%
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Market Size (Pay-Outs)382,000,000 473,513,386622,450,583815,123,2421,083,011,1701,325,871,2451,623,187,1191,987,176,2192,432,800,3562,978,383,3603,646,368,074
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Share of Total47%48%48%49%49%50%50%51%51%52%52%
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Market Size (Total)810,000,000993,513,3861,292,450,5831,675,123,2422,203,011,1702,669,871,2453,235,987,1193,922,536,2194,755,232,3565,765,301,7606,990,670,154
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CAGR 2021-203027%
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TPV1,300,000 2,100,000 6,050,000 10,069,950 15,369,924 22,099,458 31,230,831 44,169,318 59,108,941 79,170,157 97,973,069 121,360,189
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 YoY Growth%61.5%188.1%66.4%52.6%43.8%41.3%41.4%33.8%33.9%23.8%23.9%
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CAGR 2021-203040%
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Total Market Share0.26%0.61%0.78%0.92%1.00%1.17%1.36%1.51%1.66%1.70%1.74%
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Est. Pay-In Market Share0.37%0.87%1.13%1.34%1.48%1.74%2.05%2.29%2.56%2.64%2.72%
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Est. Pay-In Cross-Border Market Share1.75%4.01%5.01%5.77%6.17%7.04%8.05%8.73%9.47%9.50%9.55%
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Est. Pay-In L2L Market Share0.14%0.34%0.44%0.53%0.59%0.70%0.82%0.93%1.04%1.08%1.12%
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Existing Merchants94,662 228,097 366,180 523,637 730,071 1,022,100 1,405,387 1,855,111 2,411,645 3,004,507 3,605,409
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New Merchants9,481 16,023 36,618 60,420 87,609 102,210 140,539 154,593 200,970 130,631 156,757
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Total Revenue55,289 104,143 244,120 402,798 584,057 817,680 1,124,310 1,545,926 2,009,704 2,612,615 3,135,138 3,762,166
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 YoY Growth%88.4%134.4%65.0%45.0%40.0%37.5%37.5%30.0%30.0%20.0%20.0%
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Implied Gross Take Rate %4.25%4.96%4.04%4.00%3.80%3.70%3.60%3.50%3.40%3.30%3.20%3.10%
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Processing Costs18,346 41,655 107,276
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 % of TPV1.41%1.98%1.77%1.72%1.72%1.72%1.72%1.72%1.72%1.72%1.72%1.72%
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Net Revenue36,94362,488136,844
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Implied Net Take Rate %2.84%2.98%2.26%2.28%2.08%1.98%1.88%1.78%1.68%1.58%1.48%1.38%
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Net Revenue Retetnion171%219%150.0%130.0%125.0%125.0%125.0%120.0%120.0%115.0%115.0%
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Growth from New Merchants17%15%15.0%15.0%15.0%12.5%12.5%10.0%10.0%5.0%5.0%
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Cost of Revenue19,413 44,065 113,677 197,371 286,188 396,575 545,290 742,045 954,609 1,227,929 1,473,515 1,768,218
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Gross profit35,876 60,078 130,443 205,427 297,869 421,105 579,020 803,882 1,055,095 1,384,686 1,661,623 1,993,948
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Gross Margin %64.9%57.7%53.4%51.0%51.0%51.5%51.5%52.0%52.5%53.0%53.0%53.0%
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Technology & Development 1,347 2,005 3,386 6,042 8,761 12,265 16,865 23,189 30,146 39,189 47,027 56,432
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 % Revenue2.4%1.9%1.4%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%
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Sales & Marketing 2,057 2,852 5,916 10,070 14,601 20,442 28,108 38,648 50,243 65,315 78,378 94,054
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 % Revenue3.7%2.7%2.4%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%2.5%
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General & Administrative 14,101 22,188 40,637 66,462 96,369 134,917 185,511 255,078 331,601 431,082 517,298 620,757
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 % Revenue25.5%21.3%16.6%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%16.5%
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Impairment Loss/(Gain) on Financial Assets 807 (808) 33 33 33 33 33 33 33 33 33 33
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Other Operating Loss/(Gain) - 2,896 (3,367) (157) (157) (157) (157) (157) (157) (157) (157) (157)
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EBIT17,56430,94583,838122,977178,261253,605348,660487,091643,229849,2241,019,0441,222,828
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Impairment Loss/(Gain) on Financial Assets 807 (808) 33 33 33 33 33 33 33 33 33 33
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Other Operating Loss/(Gain) - 2,896 (3,367) (157) (157) (157) (157) (157) (157) (157) (157) (157)
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Amortization of intangibles 175 656 3,917 6,042 8,761 12,265 16,865 23,189 30,146 39,189 47,027 56,432
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 % Revenue0.3%0.6%1.6%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%
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Depreciation 53 155 377 806 1,168 1,635 1,124 1,546 2,010 2,613 3,135 3,762
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 % Revenue0.1%0.1%0.2%0.2%0.2%0.2%0.1%0.1%0.1%0.1%0.1%0.1%
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Amortization of Right-of-use asset 181 181 453 254 238 222 208 194 182 170 159 149
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SBC 716 7,295 7,590 14,098 20,442 28,619 39,351 54,107 70,340 91,442 109,730 131,676
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 % Revenue1.3%7.0%3.1%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%3.5%
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Other574 611 6,316
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Adjusted EBITDA20,070 41,931 99,157 144,053 208,746 296,223 406,084 566,003 745,782 982,513 1,178,971 1,414,723
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EBITDA Margin %36.3%40.3%40.6%35.8%35.7%36.2%36.1%36.6%37.1%37.6%37.6%37.6%
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"Real" EBITDA17,97331,93788,585130,079188,428267,728366,857512,020675,566891,1961,069,3651,283,171
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Margin %32.5%30.7%36.3%32.3%32.3%32.7%32.6%33.1%33.6%34.1%34.1%34.1%
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Margin on Net Revenue %48.7%51.1%64.7%
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Finance income 279 502 2,540
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Finance costs 30 67 544
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Net Finance Expense/(Income) (249) (435) (1,996) (3,034) (4,439) (6,050) (8,131) (11,311) (15,110) (20,346) (26,281) (33,607)
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 % Net Debt0.7%0.4%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%0.6%
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Inflation adjustment (10) (38) 334 - - - - - - - - -
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Profit Before Tax17,82331,41885,500126,011182,701259,655356,791498,402658,340869,5701,045,3251,256,435
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Income Tax 2,221 3,231 7,647 13,231 19,184 27,264 37,463 52,332 69,126 91,305 109,759 131,926
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Effective Tax Rate %12.5%10.3%8.9%10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%10.5%
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Minorities - 3 (23) - - - - - - - - -
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Net Income15,602 28,184 77,876 112,780 163,517 232,391 319,328 446,070 589,214 778,265 935,566 1,124,509
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Net Margin %28.2%27.1%31.9%28.0%28.0%28.4%28.4%28.9%29.3%29.8%29.8%29.9%
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Diluted EPS0.060.100.250.340.470.630.831.101.381.731.972.25
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 YoY Growth %
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Diluted Number of Shares Outstanding 275,446 284,840 308,930 327,466 346,504 366,211 385,785 406,805 427,442 449,745 473,766 499,564
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New Shares Issued 9,394 24,090 18,536 19,648 20,790 21,973 23,147 24,408 25,647 26,985 28,426
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% of Diluted NOSH3.4%8.5%6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0%
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Dividends - - 46,478 63,866 89,214 117,843 155,653 187,113 224,902
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DPS - - 0.13 0.17 0.22 0.28 0.35 0.39 0.45
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NOPAT Calculation:
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EBITA31,78288,208129,274187,260266,092365,733510,474673,557888,5831,066,2301,279,409
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Income tax provision (3,231) (7,647)
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Deferred taxes 259 624
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Tax shield (45) (179)
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NOPAT28,76581,006116,993169,470240,814330,988461,979609,569804,168964,9381,157,865
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Cash tax rate %9.5%9.5%9.5%9.5%9.5%9.5%9.5%9.5%9.5%
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