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  "notes": "Includes a table of market share by region and a line chart showing historical and projected market share trends for major e-commerce players in Brazil.",
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      "text": "Americana's market share is up for grabs",
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      "text": "Americana's market share is up for grabs: Line chart showing market share trends from 2014 to 2024E for MercadoLibre, Magazine Luiza, Americanas, Via, and Shopee.",
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      "text": "Source: Company reports, J.P. Morgan estimates, Goldman Sachs Research. Holding is provided for informational purposes only and should not be deemed as a recommendation to purchase or sell the securities mentioned.",
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      "text": "Long Term Thesis: Leading marketplace value propositions, assortments and service levels. Low e-commerce penetration levels of ~11% in the region, we expect MELI to keep growth in the high teens. Profitability is facing increased focus, with opportunities to improve due to advertising and logistics monetization. Goals to reach advertising revenues of mid-single digits of GMV are bold but achievable (consistent with AMZN's 6% penetration of GMV).",
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      "text": "Catalyst: Well positioned to capitalize on competitor Americanas R$20bln accounting \"inconsistencies\" and subsequent bankruptcy filing. A shift of >50% of AMER's marketplace and a portion of 1P sales could add >20% to MELI's Brazilian market share and nearly 10% to MELI as a whole.",
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      "text": "Recent Update: Payments continues to show strong resilience (~25% of revenues). Able to sustain take rates despite the increase in Brazilian interest rates and growth in digital accounts TPV, which tend to have lower monetization. Credit business unit has been a key driver of growth and profitability improvement in recent quarters (~20% of revenues).",
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