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  "documentTitle": "dLocal (DLO)",
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  "presentationDate": "2022-11-16 00:00:00",
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  "notes": "The chart uses a 'Rule of 120%+' framework to compare EBITDA margin vs. revenue growth.",
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      "text": "DLO's Take Rate is an outlier among peers – i.e., it seems too good to be true.",
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      "text": "Outstanding performance vs. peer group 2020 'Rule of' 120%+",
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      "text": "EBITDA margin: 129%",
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      "text": "We are also skeptical about DLO's reported revenues because we have doubts about its \"Take Rate.\" (The Take Rate is the percentage of TPV that DLO books as revenue.) Approximately half of DLO's Take Rate, and therefore its revenue, is comprised of foreign exchange fees and spreads. DLO's Take Rate is an outlier among peers – i.e., it seems too good to be true.",
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      "kind": "quote",
      "text": "possession is nine-tenths of the law. — Wikipedia",
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      "text": "Source: Public company filings for the year ended December 31, 2020; revenue growth and adjusted EBITDA margin calculated based on revenue unencumbered by transaction processing and other costs. Definition of EBITDA and adjusted EBITDA varies by company.",
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      "kind": "source-note",
      "text": "9 The shares were purchased via the MD of PrimeiroPay's Dubai company Paired Minds Ltd\n10 https://en.wikipedia.org/wiki/Possession_is_nine-tenths_of_the_law\n11 DLO, IPO Roadshow Presentation, slide 29",
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      "text": "DLO's Take Rate is an Outlier",
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      "text": "Skepticism of Take Rates",
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