1 November 2023 | 10:50PM EDT

MercadoLibre Inc. (MELI): First Take: Record EBIT margin puts scale
and efficiency on display, adds flexibility to invest; Buy

MELI’s 3Q23 results exceeded even the most optimistic expectations, with a record Irma Sgarz
+1(212)357-3770 | irma.sgarz@gs.com
EBIT margin of 18.2% (+720bp yoy), putting absolute EBIT +26% ahead of our Goldman Sachs & Co. LLC

above-consensus estimate. The beat was driven to a large extent by gross margin, Felipe Rached
+55(11)3371-4587 |
where ongoing efficiencies/leverage in customer service and collection, as well as felipe.rached@gs.com
Goldman Sachs do Brasil CTVM S.A.
lower losses from MPOS devices and 1P contributed. Profitability gains materialized
Gustavo Fratini
across different products and geos, and go well beyond mix effects, illustrating the +55(11)3371-0825 |
gustavo.fratini@gs.com
Goldman Sachs do Brasil CTVM S.A.
strong inherent operating leverage and drive for efficiency at the company.

In a context where investors have voiced some concerns about the sustainability of
strong GMV growth into 2024, we were particularly encouraged by the incremental
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acceleration in active buyers (to +18% yoy) and active users across the ecosystem
(+36% from +27% in 1H23). We also expect investors to welcome the consistently
strong growth in Mexico (+34% yoy), in spite of the entry of new CB competitor
Temu. The large margin beat will likely create some renewed discussion around what
levels near-term profitability could reach; in any event, we believe it also underscores
our positive view on the company’s competitive strength and P&L/balance sheet
flexibility to continue to invest behind its leadership.

While investors conversations had an overall constructive tone going into the quarter,
and we believe investors generally thought some positive earnings surprise vs.
consensus could be possible, we believe the actual beat far exceeded such
expectations. We expect a positive share reaction and reiterate our Buy rating with a
US$2,150 12-month price target.

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Main highlights from 3Q23 results and conference call

Several senior executives joined the earnings call this time, with CEO Marcos
Galperin, CFO Martin de los Santos, Head of Commerce Ariel Szarfsztejn and Head
of Fintech Osvaldo Gimenez, all contributing with commentary.

n AI to drive opportunities across efficiency and innovation. CEO Marcos

Galperin pointed to AI as a key area of opportunity across the next 3 to 5 years.
While he noted that the company had used AI for several years across areas
such as product search, logistics and fraud prevention, he expressed optimism

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result,
investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this
report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the U.S.
 Goldman Sachs MercadoLibre Inc. (MELI)

about the opportunities AI could create in driving both efficiencies and innovation
(e.g. in customer service, fraud prevention, code writing, product listings, ads, etc).
n Early results from loyalty program MELI+ are positive. While the company’s
revamped loyalty program MELI+ was only launched in late August, management
expressed its confidence with early results. The company did not disclose specific
numbers, but management noted that users were responding well to the MELI
Delivery Day offering, which enables the company to lower its free shipping
threshold (to c.US$6 in Brazil/ US$8 in Mexico) while also driving shipping cost
efficiencies. Management called out that it would continue to invest behind creating
mind share and teaching users about the different ways to benefit from the program
(across marketplace and fintech).
n Cross-border in Mexico. MELI management recognized that PDD’s cross-border
platform Temu has been investing heavily behind app downloads and social media
presence sine entering Mexico in May. However, it also highlighted its own
continued GMV momentum (+34% yoy FXN, maintaining the pace of 2Q23), driven
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by strong growth in active buyers, which in turn resulted in strong item growth
(+38% yoy). Management noted that it believes Temu’s offering mostly overlaps
with other cross-border competitors, and simultaneously highlighted how well its
own CB GMV was growing. It also pointed to strong growth in Home & Industry and
Apparel & Sports, categories that we understand are also strong on certain CD
sites. Finally, management noted that growth held up across all categories and price
points and highlighted a step-up in 1P with a successful Apple iPhone launch.

Key operational and financial highlights

Another huge beat on profitability. While we acknowledge that a portion of the beat
may be explained by a lower-than-expected acceleration of (initially) margin dilutive
segments such as credit (portfolio grew +5% qoq vs. GS +9%) or 1P (2.9% of GMV,
c.+10bp yoy), we believe that the print once again showed the scale and ability of

a24329c4043d11dfb98c0014c24035ec
MELI’s ecosystem to generate operational leverage across verticals.

n Gross margin expanded by c.+295bp yoy, mainly driven by gains from lower POS
device sales (as the company is shifting upmarket in Brazil), better 1P margins on a
broadly stable penetration within GMV, efficiency in collection fees and scaling of
customer experience. In our view, certain portions of this gain are structural going
forward, but we also note that an accelerated ramp-up of the 1P build-out could
negatively impact gross margin from a mix effect (in itself, we believe 1P margins
are improving, but still negative).
n Provisioning expenses dropped by c.-12pp yoy as a % of lending revenues
(c.-335bp yoy as a % of total revenues) mainly due to the better asset quality
(particularly in Brazil), and the dilutive effect of other businesses growing ahead of
credit. Growth in provisions was lower than we had projected, in part due to a
slightly smaller step-up in the loan portfolio.
n Product and technology development as % of total revenues increased by
c.+20bp yoy. In absolute terms, this marks a +42% increase yoy (vs. +40% in
2Q23) and a +8% expansion qoq (vs -3% in 2Q23). This is in line with our

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 Goldman Sachs MercadoLibre Inc. (MELI)

expectation (see here) that another qoq decline was unlikely as MELI continues to
invest behind certain growth initiatives (e.g. ads, loyalty, AI). We believe this line will
continue to see limited near-term dilution, as MELI continues to add developers and
invest behind product and technology.
n Sales & marketing ex-provisioning dropped by c.-65bp yoy as a % of total
revenues. This +32% yoy / +15% qoq increase reflects the company’s investments
behind growth initiatives like MELI+, although part of this is offset by efficiencies on
marketing spend and strong metrics around organic/unpaid traffic.
n The G&A ratio also declined by c.-45bp yoy, as MELI continues to focus on
generating operational leverage in this line, which has been a goal outlined by
management for the past few quarters. In our view, this gain should also be more
structural in nature.

Management provided additional information on the relevance of ARS-denominated

income to the overall business. As of 9M23, ARS-denominated income accounted for
41% of consolidated EBIT. According to the sensitivity the company provided, if
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Argentinian income had been translated using the blue-chip rate, the company’s 9M23
EBIT would have been US$1,252mn (-21% or US$331mn lower than the actually
reported number). Considering that FX losses related to Argentina amounted to
US$386mn in the period, this would have been more than accounted for at the
bottom-line, implying that the impact to earnings vs. the reported figure would have
been broadly neutral to slightly positive.

Gross loan portfolio grew +5% qoq rate to US$3.4bn, driven by consumer loans in
Mexico and Brazil and the credit card book in Brazil. This implies a +US$152mn qoq loan
book expansion (+5% qoq), compared to +US$201mn in 2Q23 (+7% qoq). NPLs
improved substantially, with the Over-90 day ratio dropping to 20.3% (from 25.1%
in 2Q23), in line with our expectations. Early NPLs also remained well under control
(c.-250bp yoy to 10.6%, albeit +70bp qoq), as MELI continues to take a relatively more

a24329c4043d11dfb98c0014c24035ec
cautious approach on originations, but with some natural deterioration given the tilt
towards consumer loans and credit card.

Mexico was once again a positive highlight in terms of GMV growth, growing at a
solid +34% yoy (same pace as in 2Q23), exclusively driven by the number of items sold
(+38% yoy, the highest level since 1Q21). According to management, GMV growth in
Mexico continues to be driven predominantly by the increase in new buyers, which
supports our view that MELI has plenty of room to grow its active user base and further
increase engagement (see here). Management called out that the cross-border vertical
continues to grow well ahead of overall GMV in the country.

Brazil GMV accelerated to +28% yoy, up from +25% in 2Q23. The incremental step
up was mainly driven by faster item growth (+27% yoy vs. +20% in 2Q23). While the
main peers are yet to report, we believe MELI will have significantly widened the gap
vs. the competition: we project MGLU and BHIA’s online GMV to grow by +6% and -5%
yoy in 3Q23, respectively. MELI’s 1P business in Brazil continues to grow at a solid pace
(+84% yoy in USD terms); management noted that this has been enabled by material
and structural improvements in profitability, and has been driving share gains in the

1 November 2023 3
 Goldman Sachs MercadoLibre Inc. (MELI)

consumer electronics category.

Argentina printed at +147% yoy, still mainly driven by inflation, although there was
also a relevant acceleration in the number of items sold (+13% yoy vs. +1% in 2Q23
and +3% in 1Q23), likely a reflection of a pull-forward in demand in the context of macro
uncertainty, as management highlighted in their remarks.

Other countries (8% of GMV) posted a slight increase for the first time since 1Q22,
of +3% yoy in local currency terms (vs. -11% yoy in 2Q23), exclusively driven by an
increase in the number of items sold (+9% yoy vs. +6% in 2Q23).

Commerce take rate increased by +200bp yoy for the 3P operation, a +80bp qoq
increase. This was driven by higher seller final fees (c.+90bp yoy) and shipping (c.+70bp
yoy), as well as higher ad revenues (c.+40bp yoy). As we noted in 2Q23 earnings (link),
in addition to the commission increase implemented as of mid-January 2023, MELI had
announced additional changes in June that we expected to have a fully-loaded, and
therefore more notable, impact on the take-rate print this quarter (for context seller final
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fee grew +50bp yoy in 2Q).

Overall TPV expanded by +121% yoy in FX-neutral terms, with off-platform TPV
growing at a solid +145% yoy (vs. GSe at +101%). Digital account TPV posted another
impressive print (+189% in FX neutral terms), driven by principality in Argentina,
strategic transportation alliances in Mexico and Chile and overall improvements in
product offering. Acquiring TPV was also solid (+82% yoy), with management noting
that the POS TPV of Mexico and Chile combined surpassed that of Argentina for the
second consecutive quarter.

Highlights from KPIs of the fintech business. Wallet payers rose to 28.5mn (from
26.1mn last quarter). Unique fintech users reached 48.8mn, adding an all-time high of
+3.5mn users qoq, with management pointing to the remunerated account in both
Argentina and Brazil as drivers of increased engagement with Mercado Pago.

a24329c4043d11dfb98c0014c24035ec
Fintech take rate ex-lending suffered slight pressure, printing at 2.0% (-7bp qoq and
-9bp yoy). This was mainly driven by slightly lower transactional fees, likely driven by the
strong expansion in digital account TPV (+189% yoy), part of which still comes at low
monetization rates.

Adjusted effective tax rate was relatively high. The income tax has been positively
impacted by a one-off tax due reversal in Mexico of US$141mn. This was slightly offset
by a US$76mn tax charge in Argentina related to an FX gain on dollar-denominated
assets in the country; based on our conversation with management, we understand that
this tax charge tends to happen on a recurring basis, but on a lower magnitude. If we
were to exclude both of these effects, income tax would have printed at US$237mn,
implying an effective tax rate of 45%. In this case, adjusted net income would have
printed at US$294mn.

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 Goldman Sachs MercadoLibre Inc. (MELI)

Exhibit 1: MercadoLibre 3Q23: Summary of results

All figures in US$mn, unless otherwise indicated
3Q22A 3Q23A 3Q23E 3Q23E 3Q23 vs. 3Q23 vs.
in US$ mn GS Cons. 3Q22 3Q23E

Net revenue 2,690 3,760 3,728 3,536 +40% +1%

Commerce net revenue 1,465 2,128 2,123 1,991 +45% +0%
Fintech net revenue 1,225 1,632 1,605 1,545 +33% +2%

Gross profit 1,348 1,995 1,872 1,776 +48% +7%

Gross margin (% of net revenues) 50.1% 53.1% 50.2% 50.2% +295bp +285bp

Product and tech. development expenses (278) (396) (395) +42% +0%
as % of net sales 10.3% 10.5% 10.6% +20bp -7bp
Sales and marketing expenses (excl. bad debt) (333) (441) (455) +32% -3%
as % of net sales 12.4% 11.7% 12.2% -65bp -47bp
Bad debt provision (288) (277) (287) -4% -3%
as % of net sales 10.7% 7.4% 7.7% -334bp -32bp
as % of lending revenues 53.1% 41.2% 44.1% -1192bp -286bp
General and administrative (153) (196) (194) +28% +1%
as % of net sales 5.7% 5.2% 5.2% -47bp +2bp

Total opex (1,052) (1,310) (1,330) +25% -2%

Opex ratio (% of net revenues) 39.1% 34.8% 35.7% -427bp -84bp

EBIT 296 685 542 511 +131% +26%

EBIT margin (% of net revenues) 11.0% 18.2% 14.5% 14.5% +721bp +369bp

(+) Depreciation and amortization 97 135 137 +39% -1%

EBITDA 393 820 678 639 +109% +21%

EBITDA margin (% of net revenues) 14.6% 21.8% 18.2% 18.1% +720bp +361bp

Net financial results (27) 85 93 -415% -8%

as % of net sales 1.0% -2.3% -2.5% -326bp +23bp
FX gains / (losses) (71) (239) (156) +237% n.a.

EBT 198 531 479 +168% +11%

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Total income tax (69) (172) (167) +149% +3%

Effective current tax rate 35% 32% 35% -246bp -261bp

Equity in earnings of unconsolidated entity - - - n.a. n.a.

Net income 129 359 311 314 +178% +15%

Net margin (% of net revenue) 4.8% 9.5% 8.3% 8.9% +475bp +121bp

Operational (US$mn) 3Q22A 3Q23A 3Q23E 3Q23E 3Q23 vs. 3Q23 vs.
Cons. 3Q22 3Q23E

GMV 8,618 11,360 11,243 10,643 +32% +1%

growth yoy (%) +18% +32% +30% +23% +14p.p +1p.p
growth yoy in local currency (%) +32% +59% +53% +28p.p +7p.p

GMV growth in local currency

Argentina +87% +147% +131% +60p.p +16p.p
Brazil +20% +28% +30% +8p.p -2p.p
Mexico +23% +34% +27% +11p.p +7p.p
Other countries -20% +3% n.a. +23p.p n.a.

Items sold (# of items) 284 357 331 +26% +8%

growth yoy (%) +9% +26% +17% +16p.p +9p.p

Commerce take rate (net revenue / GMV) 17.0% 18.7% 18.9% 18.7% +173bp -15bp

TPV 32,170 47,256 44,620 44,140 +47% +6%

growth yoy (%) +54% +47% +39% +37% -7p.p +8p.p
growth yoy in local currency (%) +76% +121% +89% +45p.p +33p.p
% of TPV from off-platform 72% 75% 73% +3p.p +1p.p

Off-platform TPV 23,080 35,283 32,689 +53% +8%

growth yoy in local currency (%) +135% +145% +101% +10p.p +45p.p

a24329c4043d11dfb98c0014c24035ec
TPV from Marketplace (on-platform) 8,351 11,973 n.a. +43% n.a.

Fintech take rate (net revenue / TPV) 3.8% 3.5% 3.6% 3.5% -35bp -14bp
Fintech take rate (excl. credit) 2.1% 2.0% 2.1% -9bp -11bp

Direct contribution margin ( % of net revenue)

Argentina 44.3% 46.5% 43.0% +225bp +359bp
Brazil 15.5% 28.5% 23.3% +1295bp +516bp
Mexico 17.4% 21.6% 21.3% +421bp +33bp
Other countries -1.7% 4.5% 8.1% +614bp -362bp

MercadoCredito (US$mn) 3Q22A 3Q23A 3Q23E 3Q23E 3Q23 vs. 3Q23 vs.
Cons. 3Q22 3Q23E

Credit revenues 542 672 650 +24% +3%

growth yoy (%) +152% +24% +20% -128p.p +4p.p

Total gross portfolio 2,774 3,402 3,545 +23% -4%

growth yoy (%) +146% +23% +28% -124p.p -5p.p

Total net portfolio 1,766 2,354 n.a. +33% n.a.

growth yoy (%) +223% +33% n.a. -190p.p n.a.

Total past dues (1-360 days) 1,026 1,048 n.a. +2% n.a.
growth yoy (%) n.a. +2% n.a. #VALUE! n.a.

Implied APR (lending revenues % of average net loan portfolio) 124.0% 114.2% n.a. -10p.p n.a.

Total past dues (1-360 days, as % of gross portfolio) 37.0% 30.9% n.a. -6p.p n.a.
Early NPLs (1-90 days) 13.1% 10.6% n.a. -250bp n.a.
NPLs (90-360 days) 23.9% 20.3% 20.0% -4p.p n.a.

Coverage ratio (over 30 days) 115% 118% n.a. +3p.p n.a.

Coverage ratio (over 90 days) 152% 149% n.a. -3p.p n.a.

Balance sheet (US$mn) 3Q22A 3Q23A 3Q23E 3Q23 vs. 3Q23 vs.
3Q22 3Q23E
Accounts receivable (days of GMV) 1 1 1 +0 +0
Credit Card Receivables (days of GMV) 27 27 27 +0 +0
Accounts payable (days of GMV) 12 15 15 +3 +0

Net debt (net cash), incl. leases 1,882 (251) 699 -113% -136%
Capex (106) (126) (205) +19% -39%

Source: Company data, Bloomberg, Goldman Sachs Global Investment Research

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 Goldman Sachs MercadoLibre Inc. (MELI)

Valuation methodology and key risks

Our 12-month price target for MELI is $2,150. Our valuation is based on an EV/EBIT
target multiple of 35.0X applied to our 2027E EBIT estimate and discounted back to put
it 12m forward.

Key downside risks include: (i) FX volatility negatively impacting the translation of
results, especially in the event of a potential devaluation of the Argentine Peso; (ii)
weaker-than-expected results from the lending operation, driven by weaker credit
quality, resulting in higher provisioning expenses and/or a deterioration in origination; (iii)
greater competition in the payment space, resulting in higher customer acquisition costs
and potentially lower growth and returns; and (iv) increased competition from incumbent
and new competitors in the core marketplace business.

MELI 12m Price Target: $2,150.00 Price: $1,300.01 Upside: 65.4%

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Buy GS Forecast
12/22 12/23E 12/24E 12/25E
Market cap: $65.4bn Revenue ($ mn) 10,537.0 14,122.2 16,584.2 19,975.0
Enterprise value: $62.9bn EBITDA ($ mn) 1,437.0 2,481.9 2,979.6 3,755.9
3m ADTV: $585.9mn EBIT ($ mn) 1,034.0 1,946.3 2,336.5 3,010.7
Argentina EPS ($) 9.58 22.03 32.34 43.46
Latin America Retail Consumer P/E (X) 96.7 59.0 40.2 29.9
M&A Rank: 3 EV/EBITDA (X) 31.7 25.2 20.7 16.0
FCF yield (%) 5.3 4.1 1.6 2.5
Dividend yield (%) 0.0 0.0 0.0 0.0
Net debt/EBITDA (X) 2.1 0.9 0.6 0.3

6/23 9/23E 12/23E 3/24E

EPS ($) 5.22 6.20 6.60 6.98

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Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1 Nov 2023 close.

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 Goldman Sachs MercadoLibre Inc. (MELI)

Disclosure Appendix
Reg AC
We, Irma Sgarz, Felipe Rached and Gustavo Fratini, hereby certify that all of the views expressed in this report accurately reflect our personal views
about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

GS Factor Profile
The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our coverage universe) and its
sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth, Financial
Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The
normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may
vary depending on the fiscal year, industry and region, but the standard approach is as follows:
Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a
higher percentile indicating a higher growth company. Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial
stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based on a stock’s forward-looking P/E, P/B,
price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile
indicating a stock trading at a higher multiple. The Integrated percentile is calculated as the average of the Growth percentile, Financial Returns
percentile and (100% - Multiple percentile).
Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Growth uses inputs
for the fiscal year at least seven quarters in the future compared with the year at least three quarters in the future (on a per-share basis for all metrics).
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For a more detailed description of how we calculate the GS Factor Profile, please contact your GS representative.

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Across our global coverage, we examine stocks using an M&A framework, considering both qualitative factors and quantitative factors (which may vary
across sectors and regions) to incorporate the potential that certain companies could be acquired. We then assign a M&A rank as a means of scoring
companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
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Quantum
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Disclosures
The rating(s) for MercadoLibre Inc. is/are relative to the other companies in its/their coverage universe: Americanas S.A, Arezzo & Co., CBD
(Pão de Açúcar), Cencosud, El Puerto De Liverpool, Falabella, Grupo Carrefour Brasil, Grupo Casas Bahia SA, Grupo SBF S.A., Grupo Soma, Lojas
Renner, MPM Corporeos S.A., Magazine Luiza, MercadoLibre Inc., Mobly S.A., Natura, Petz, Raia Drogasil, Sendas Distribuidora SA, Soriana, Wal-Mart
de Mexico

a24329c4043d11dfb98c0014c24035ec
Company-specific regulatory disclosures
The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered
by Goldman Sachs Global Investment Research and referred to in this research.
Goldman Sachs has received compensation for investment banking services in the past 12 months: MercadoLibre Inc. ($1,300.01)
Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: MercadoLibre Inc.
($1,300.01)
Goldman Sachs had an investment banking services client relationship during the past 12 months with: MercadoLibre Inc. ($1,300.01)
Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: MercadoLibre Inc.
($1,300.01)
Goldman Sachs had a non-securities services client relationship during the past 12 months with: MercadoLibre Inc. ($1,300.01)
Goldman Sachs makes a market in the securities or derivatives thereof: MercadoLibre Inc. ($1,300.01)
Goldman Sachs is a specialist in the relevant securities and will at any given time have an inventory position, “long” or “short,” and may be on the
opposite side of orders executed on the relevant exchange: MercadoLibre Inc. ($1,300.01)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell
Global 48% 36% 16% 62% 56% 44%

As of October 1, 2023, Goldman Sachs Global Investment Research had investment ratings on 2,960 equity securities. Goldman Sachs assigns stocks
as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for

1 November 2023 7
 Goldman Sachs MercadoLibre Inc. (MELI)

the purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment
Banking Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided
investment banking services within the previous twelve months.

Price target and rating history chart(s)

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 Goldman Sachs MercadoLibre Inc. (MELI)

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Buy (B), Neutral (N), Sell (S) Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy or
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company, and in certain other circumstances. Rating Suspended (RS). Goldman Sachs Research has suspended the investment rating and price
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 Goldman Sachs MercadoLibre Inc. (MELI)

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This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we
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