e-commerce

MercadoLibre: Alibaba meets Amazon in LatAm

Magic Markets2023-03-02T01:33:25+02:00

Use the podcast player below to listen to our discussion on MercadoLibre and its Q4'22 result, which accompanies the detailed write-up below: (Date of report: 2 March 2023) In 2022, MercadoLibre achieved three big milestones that they describe as 100, 10 and 1. That means $100 billion in payments processed, $10 billion in revenue and $1 billion in EBIT. Latin America’s leading eCommerce platform is more than just Amazon or Etsy. There’s a strong flavour of Tencent going on here, which isn’t a bad thing. Perhaps most of all, the similarities to Alibaba are striking. Operating in a high growth region [...]

MercadoLibre: Alibaba meets Amazon in LatAmMagic Markets2023-03-02T01:33:25+02:00

Tesco: Not a Sterling Performer

Magic Markets2023-01-18T23:30:01+02:00

Use the podcast player below to listen to our discussion on Tesco and its Q3'23 result, which accompanies the detailed write-up below: (Date of report: 19 January 2023) Grocery retail isn’t the most exciting industry, let’s face it. Nevertheless, these companies are defensive investments that are theoretically good punts in tough times. As we’ve seen before, the theory and the practice aren’t always aligned. In Tesco, we find a UK retailer that has a history of strategic missteps. Of course, at the right price, almost anything is a buy! In analysing Tesco, we also highlight some stark differences vs. the US [...]

Tesco: Not a Sterling PerformerMagic Markets2023-01-18T23:30:01+02:00

Apple: Evolution, not Revolution

Magic Markets2022-11-30T17:19:48+02:00

Use the podcast player below to listen to our discussion on Apple and its Q4’22 result, which accompanies the detailed write-up below: (Date of report: 17 November 2022) Without a doubt the best global example of how tech hardware and services combine to form a powerful ecosystem, Apple is the most valuable company in the world and deservedly so. Originally built through revolution, the company is now all about evolution. Is that its greatest strength, or perhaps its most significant vulnerability? We unpack the company that brushed off a pandemic to achieve the best recent returns in the tech industry. Elevator [...]

Apple: Evolution, not RevolutionMagic Markets2022-11-30T17:19:48+02:00

Amazon: Castles in the Cloud

Magic Markets2022-11-10T07:40:38+02:00

Use the podcast player below to listen to our discussion on Amazon and its Q3’22 result, which accompanies the detailed write-up below: (Date of report: 10 November 2022) What started out as “Earth’s Biggest Bookstore” is now estimated to have gross merchandise value ahead of Walmart, with a big chunk of sales from third-party sellers who use Amazon as a marketplace. The retail side of the business is loss-making again. Amazon Web Services (AWS) is making the money, with all eyes on cloud growth and the advertising business within Amazon’s retail operations. The group is a perfect case study of the [...]

Amazon: Castles in the CloudMagic Markets2022-11-10T07:40:38+02:00

Dick’s Sporting Goods: Omnichannel is Ominous

Magic Markets2022-09-14T22:09:35+02:00

Use the podcast player below to listen to our discussion on Dick's Sporting Goods and its Q2’22 result, which accompanies the detailed write-up below: (Date of report: 15 September 2022) Dick’s Sporting Goods is the largest independent sporting goods chain in the US. The business has aged far better than its name, although it is now facing the challenges of the direct-to-consumer strategy being put in place by giants like Nike. This business was an undercover winner of the pandemic, achieving sales and margins that nobody had dreamed possible for Dick’s. The earnings before tax in the latest quarter were higher [...]

Dick’s Sporting Goods: Omnichannel is OminousMagic Markets2022-09-14T22:09:35+02:00

Farfetch: or Farfetched?

Magic Markets2022-08-31T23:39:24+02:00

Use the podcast player below to listen to our discussion on Farfetch and its Q2’22 result, which accompanies the detailed write-up below: (Date of report: 1 September 2022) For many, the closest they can get to the luxury goods industry is by being a shareholder rather than a consumer. We are talking about timepieces and handbags that cost more than a family hatchback! This $300 billion industry is known for high margins and a resilient client base that is almost immune to market cycles. As digital generations have grown up to become consumers of this industry, shopping habits are starting to [...]

Farfetch: or Farfetched?Magic Markets2022-08-31T23:39:24+02:00

Walmart: It’s all in the mix

Magic Markets2022-06-21T19:21:19+02:00

Use the podcast player below to listen to our discussion on Walmart and its Q1’23 result, which accompanies the detailed write-up below: (Date of report: 26 May 2022) With the share price down 15% this year and 22% in the past month, Walmart hasn't been spared in this sell-off. The shocking thing about this is that the pain was felt in the space of a day, with the latest earnings release surprising the market to the downside. With a vast retail footprint and a business model that one would assume is an inflation hedge, has the market overreacted to Walmart's issues, [...]

Walmart: It’s all in the mixMagic Markets2022-06-21T19:21:19+02:00

Shopify: $SHOP can still drop

Magic Markets2022-05-12T03:28:55+02:00

Use the podcast player below to listen to our discussion on Shopify and its Q1’22 result, which accompanies the detailed write-up below: (Date of report: 12 May 2022) Like Intuit, Etsy and other platforms aimed at creators and entrepreneurs, Shopify is a platform that hopes to be the shovel in the gold rush. The challenge is that sometimes, there are just too many shovels. With a share price that has spectacularly collapsed, Shopify is on the shopping list for some growth investors. Should it be, though? We decided to take a closer look at the company that powers a partner ecosystem [...]

Shopify: $SHOP can still dropMagic Markets2022-05-12T03:28:55+02:00

PREMIUM: Etsy – the Sunday market online

Magic Markets2022-06-21T19:25:16+02:00

Use the podcast player below to listen to our discussion on Etsy and its Q3’21 result, which accompanies the detailed write-up below: (Date of report: 11 November 2021) It’s the Sunday market, just on the internet. It's a way to click-a-creator and buy something special for your home or a loved one. That’s probably the best way to understand Etsy, a platform business that is focused on connecting artisans to the world. There are 7.5 million active sellers on Etsy. The platform achieved $9.3bn in GMS (gross merchandise sales) in the nine months to September 2021, with 64% of purchases made [...]

PREMIUM: Etsy – the Sunday market onlineMagic Markets2022-06-21T19:25:16+02:00

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