$JMIA Key DD points for ppl here- 1) Structural - the ONLY platform that can move people, goods, services, money across intercontinental Africa efficiently and at scale. monopoly in e-commerce, #2 in payments, #1 in logistics, highest ROI digital ad platform (on par with instagram). $300mm revs this year, 11 countries, over 10k employees - this is a big company, unlike what the market cap says. i have visited it multiple times in person. only 15% or so capacity utilized! this is worth $10bn plus on its own 2) Fundamentals - undergoing a massive fundamental inflection... growth accelerated in the Q last week from 29% to 57% and guide for further accel all year. losses almost eliminated and now only -$1.6mm last Q, however gross margins are massively profitable and expanding - so very healthy unit economics. Pure expansion of LTV (life time value) / CAC (customer acq cost) happening in the most healthy way. Growing faster than $MELI, $BABA, $SE and $JD and only 1 accelerating 3) Stock set up - trades very clearly on the dollar levels. Off Q4 earnings when grew 29% - stock went from mid 3's to 4.90 day of print, pulled back for 5 days and consolidated around 4, then EXPLODED to 8. same pattern here - stock went from mid 4's to 6 the 2-3 days of the print, pulled back for 5 days and consolidated around 6, now about to EXPLODE to 10 on 59% growth. Makes absolute perfect sense given the leg higher in fundamentals, this next leg higher for the stock is much higher to match 4) Valuation - on conservative estimates, only trading at 1.5x 2024 revs of ~$300-320mm, 1x 2025 revs of ~$500-530mm. given mgmt commentary, this could be low. Cheaper than of $MELI (5x sales half the growth), $SE and $BABA 5) Balance sheet - NO DEBT, $100mm in cash which is enough to last them literally forever at current rate. NO NEED to raise cash, and when they eventually do will be likely via a strategic partnership and positive for the stock 6) Short interest / low float - over 65% of shares here don't trade, top 5 owns over 30%. 10mm shares short, on roughly 30-35mm tradable shares = 30% SI or 4 or so days to cover. every single one of them has to cover, big potential 7) Risk / reward and TP - best risk reward I have seen in 20 yrs professionally investing. No crystallizable downside risk IMO - at this valuation with no debt no reason to ever have to sell it lower than here, upside to $20 at least this year - but this becomes a $100 stock or $10bn co within 5 yrs time for sure. Trillions in e-com market cap everywhere else, tech enablement in africa is ripping, foreign direct investment thru the roof, penetration is nearly zero in the largest TAM in the world. No reason this can't even be a $50bn company. Much better investment than $SE, $BABA, $MELI etc 8) macro - perfect for rates down / cut environment. roughly $20 from the top was solely due to rates and EM storm

---

Going to buy some Rivian, because I like pain. Then I’m going to get so MELI because I saw some people talking about it.

---