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  "documentTitle": "dLocal (DLO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2022-11-16 00:00:00",
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  "notes": "Includes specific citations to DLO 20-F, Source A, Source E, and Central Bank reports.",
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      "text": "We would expect FX fees and gains to be no more than ~1.5% of cross-border TPV, and likely much lower due to payout volumes.",
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      "text": "FX take rate: 3%",
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      "text": "We estimate that DLO earned ~3% of cross-border TPV during 2020 on FX transactions alone. We would expect this rate to have been no more than ~1.5% if payins had been 100% of cross-border TPV...",
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      "kind": "paragraph",
      "text": "In 2020, DLO's last year before going public, it paid its pre-IPO shareholders a special dividend of $15 million and made a $31.5 million loan to two shareholders...",
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      "kind": "quote",
      "text": "Comments by CEO Sebastian Kanovich on DLO's Q3 2021 call that local-to-local had reached 30% of TPV support this range.",
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      "text": "65 DLO, pre-IPO presentation, p.14; 66 Source E; 67 Source A; 68 DLO, 2021 20-F, p.63; 69 June 2021 investment bank research report.",
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      "text": "DLO Appears to Have Earned ~3% of TPV on FX Transactions Alone, which is At Least Double Our Expectations",
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      "kind": "title",
      "text": "Concerns About Client Funds Segregation – Movements of DLO and Merchants’ Funds Do Not Reconcile",
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