$DLocal (DLO.US)$🎯 2023.3.24 Current price 15.3, position l...

New data: In 23Q4, revenue increased by 58.8%, operating profit increased 25.5% due to a sharp increase in costs. Although net profit was affected by a sharp increase in interest expenses, other revenue reached 73 million, and net profit increased sharply by 47.1%.

In 2023, revenue increased 55.2%, operating profit increased 32.3%, and net profit increased 37.2%.

Since listing in 2021, gross margin has declined continuously, from 53.4% to 42.6%, and 23Q4 to 37.1%, which is very abnormal. Generally speaking, software companies have a strong scale effect, and gross margin should increase as revenue increases.

The balance ratio increased from 51.6% to 58%. Receivables and payables increased very fast, close to the revenue growth rate. It should be a characteristic of this industry. There are no interestable liabilities, but the financial expenses are very high, reaching 120 million.

Net cash flow in 2023 was much higher than net investment, and the shareholders' surplus ratio was high.

Currently, the price-earnings ratio is 31.22. Although the decline in gross margin requires close attention, the valuation and growth ratio are still heavily discounted, and no adjustments will be made for the time being.