{"id":59210,"date":"2023-09-10T10:34:48","date_gmt":"2023-09-10T14:34:48","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/vtexs-metrics-are-moving-in-the-right-direction-rating-upgrade\/"},"modified":"2023-09-10T10:34:54","modified_gmt":"2023-09-10T14:34:54","slug":"vtexs-metrics-are-moving-in-the-right-direction-rating-upgrade","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59210","title":{"rendered":"VTEX&#8217;s Metrics Are Moving In The Right Direction (Rating Upgrade)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<h2>A Quick Take On VTEX<\/h2>\n<p>VTEX (<span class=\"ticker-hover-wrapper\">NYSE:VTEX<\/span>) reported its Q2 2023 financial results on August 8, 2023, beating revenue but missing consensus earnings estimates.<\/p>\n<p>The firm provides a digital ecommerce system for companies who want to do business<span class=\"paywall-full-content invisible\"> in Latin America.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">With revenue growth that remains robust, sharply reduced operating losses, continuing momentum with its international expansion and a strong balance sheet, I\u2019m upgrading my outlook for VTEX to a Buy at around $5.60 per share.<\/p>\n<h2 class=\"paywall-full-content invisible\">VTEX Overview And Market<\/h2>\n<p class=\"paywall-full-content invisible\">UK-domiciled VTEX provides enterprises and large retailers with an online retail platform that enables them to more effectively conduct business in Latin America.<\/p>\n<p class=\"paywall-full-content invisible\">Management is headed by Co-CEO and Co-Chairman Geraldo Thomaz, who previously graduated with a degree in mechanical engineering from the UFRJ.<\/p>\n<p class=\"paywall-full-content invisible\">The company\u2019s primary offerings include:<\/p>\n<ul class=\"paywall-full-content invisible\">\n<li>\n<p>API<\/p>\n<\/li>\n<li>\n<p>Multi-tenant platform<\/p>\n<\/li>\n<li>\n<p>Low code development<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible\">The firm<span class=\"paywall-full-content no-summary-bullets invisible\"> seeks enterprise clients who aim to market and sell their products online in Latin American countries.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to a 2023 market research report by Americas Market Intelligence, the market for ecommerce in Latin America was estimated at $375 billion in 2022 and is forecasted to reach $831 billion by 2026.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This growth, if achieved, would represent a CAGR of 22% from 2023 to 2026.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The countries of Peru and Mexico are expected to grow at the fastest CAGR rate, at 35% and 33%, respectively.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Brazil, the largest market by size, is expected to grow at a CAGR of 17% through 2026.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Major competitive or other industry participants include:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>SAP<\/p>\n<\/li>\n<li>\n<p>Oracle<\/p>\n<\/li>\n<li>\n<p>Magento<\/p>\n<\/li>\n<li>\n<p>Salesforce<\/p>\n<\/li>\n<li>\n<p>Shopify<\/p>\n<\/li>\n<\/ul>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">VTEX\u2019s Recent Financial Trends<\/h2>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Total revenue by quarter has continued to rise due to growing demand for international ecommerce in LatAm. Operating income by quarter has grown and trended toward breakdown from rising gross profit and reduced SG&amp;A expenses even as revenue has increased.<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_AYtOYnCZLAnEc8l0iPWlUOnyL8vZp5SC_3DJHHUHHG7sdsGLbhnP7LUSg1eRqHfTCeDt-QER_yQq7DwF_8q4c4yheDY6Xv91hsiPw7L9tR2kA-PK2HF18geGYRr83P75c_G3o8W4ds3yyp6gizU3SYw.png\" alt=\"Total Revenue and Operating Income\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">Total Revenue and Operating Income <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Gross profit margin by quarter has increased as a result of migrating non-core services to lower-cost hosting providers and optimizing its support cost structure. Selling and G&amp;A expenses as a percentage of total revenue by quarter have dropped because of its previous organizational restructuring efforts.<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_7gTi5IQPAqthWnsX41ZkOE-et81QKKMKKmT8WnsMZUJwUlR6IsF6b9o28C6Wx4s8SReaMxbG4WVD7IORkMF2glvEL4Rcm6aCbvNJU2ZgAljHGnmN5B8nZShfUPYDfuque3q_i5iJqYjawEnJ5UCal_w.png\" alt=\"Gross Profit Margin and Selling, G&amp;A % Of Revenue\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">Gross Profit Margin and Selling, G&amp;A % Of Revenue <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Earnings per share (Diluted) have trended closer to breakeven due to the operational efficiencies gained in recent quarters as well as increasing revenue.<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_2hLsKv98cDNUf6Ryf-FyWElglJxi-nGZtCtn_WWfK7MEjwMvOSMYKE5DtQbRtVXABiNci3XR7K6XZvVdVF4Y4tecT8dlXMyW_z7yZu7jn3C0h1oIDGL6PvZPwMIIHafUNnis96hUXXUmOPXato2yvOk.png\" alt=\"Earnings Per Share\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">Earnings Per Share <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(All data in the above charts is GAAP)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the past 12 months, VTEX\u2019s stock price has risen 30% vs. that of DLocal\u2019s (DLO) fall of 21.58%:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_1kI0_nkk4fjv-pN7VKBXK5NVhZudHOLcpBIyiIBBPLkhZonwIAucb7oIbiPBMj2zdeyLYpD_7Q07w7K75NdyjvdUPvUfmEbdG_JxIZ_PP09tZs18shOuuMYQneZ_HLbDiXket8NmPYYhELzF2uS1lgg_thumb1.png\" alt=\"52-Week Stock Price Comparison\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">52-Week Stock Price Comparison <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For balance sheet results, the firm ended the quarter with $222.5 million in cash, equivalents and short-term investments and no debt.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Over the trailing twelve months, free cash used was negative ($3.3 million), during which there were no capital expenditures. The company paid $3.6 million in stock-based compensation in the last four quarters.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Valuation And Other Metrics For VTEX<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below is a table of relevant capitalization and valuation figures for the company:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Measure [TTM]<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Amount<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ Sales<\/p>\n<\/td>\n<td>\n<p>5.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value \/ EBITDA<\/p>\n<\/td>\n<td>\n<p>NM<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Price \/ Sales<\/p>\n<\/td>\n<td>\n<p>6.4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth Rate<\/p>\n<\/td>\n<td>\n<p>22.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Income Margin<\/p>\n<\/td>\n<td>\n<p>-15.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EBITDA %<\/p>\n<\/td>\n<td>\n<p>-16.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Market Capitalization<\/p>\n<\/td>\n<td>\n<p>$1,120,000,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value<\/p>\n<\/td>\n<td>\n<p>$898,540,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Operating Cash Flow<\/p>\n<\/td>\n<td>\n<p>-$8,770,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Earnings Per Share (Fully Diluted)<\/p>\n<\/td>\n<td>\n<p>-$0.14<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">VTEX\u2019s most recent unadjusted Rule of 40 calculation was 6.4% as of Q2 2023\u2019s results, so the firm has improved since Q4 2022, but still needs substantial further improvement, per the table below:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Rule of 40 Performance (Unadjusted)<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Q4 2022<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Q2 2023<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth %<\/p>\n<\/td>\n<td>\n<p>25.3%<\/p>\n<\/td>\n<td>\n<p>22.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EBITDA %<\/p>\n<\/td>\n<td>\n<p>-29.9%<\/p>\n<\/td>\n<td>\n<p>-16.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Total<\/p>\n<\/td>\n<td>\n<p>-4.6%<\/p>\n<\/td>\n<td>\n<p>6.4%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha)<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Sentiment Analysis<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The following chart shows the frequency of various words used in the most recent earnings conference call by management for analysts.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_fo_GkfhUNsjupdQDJ6tZmxHxv3lV9jO4fP-AvQL8Nf5A7P0ZykRqWLtHVLI8UFZ7csPtDWBzYEDZ44Mq6LsE9fvr5ytU-_U5GkM7AAlye3b52QYnqBBXaL3nQsEg21xtg05vEay071HetSUIe_YUH-0.png\" alt=\"Earnings Transcript Key Terms Frequency\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">Earnings Transcript Key Terms Frequency <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Analysts questioned the company about competitive pressures, capital allocation and sales cycle dynamics.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management responded that it hasn\u2019t been seeing any changes in the competitive landscape or in pricing pressures.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Also, the recent stock buyback allocation is a result of opportunities from its strong balance sheet and also provides an offset from the dilution from stock-based compensation in the quarter.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Leadership said that its current guidance assumes sales cycle stabilization and not yet for an improvement or recovery back to a more normal sales cycle.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Commentary On VTEX<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In its last earnings call (Source &#8211; Seeking Alpha), covering Q2 2023\u2019s results, management highlighted the gross merchandise value [GMV] growth of 23.4% year-over-year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Same-store sales grew in the \u2018teens range, although slightly below historical levels.\u2019<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management also noted that its international expansion efforts have been \u2018progressing\u2019, with a number of large international customer wins in the quarter.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Leadership did not provide any client or revenue retention rate metrics but characterized its retention as \u2018low annual revenue churn\u2019.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Total revenue for Q2 2023 increased by 23.8% year-over-year and gross profit margin grew by 1.2%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Selling and G&amp;A expenses as a percentage of revenue dropped by 26.8% YoY, indicating sharply improved efficiency in generating incremental revenue and operating losses were reduced by an impressive 62.4%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s financial position is reasonably strong, with ample liquidity, no debt and a small amount of negative free cash flow over the last twelve months.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">VTEX\u2019s Rule of 40 performance has been low and in need of improvement, but increasing sequentially somewhat.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Looking ahead, consensus revenue estimates put 2023 growth at around 23.6% over 2022.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">If achieved, this would represent a slight decline in revenue growth rate versus 2022\u2019s growth rate of 25.4% over 2021.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the past twelve months, the firm&#8217;s EV\/Sales valuation multiple has risen a net of 33%, as the chart from Seeking Alpha shows below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/saupload_tl1G19-SdO7Iz8Ax1n68FtV0mTVJ6KuNfFPNcC0vbVV7gS8_j-VLDPSs4j89Aw994X6hjC1k3pIyoE5rqqtkTw45auT7RhAIAQMuW-VL0OXh0n_WtNREhM4AJl3aBq3iqoVzzIoDGEkpwK5FdvZNwFA_thumb1.png\" alt=\"EV\/Sales Multiple History\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\">EV\/Sales Multiple History <span>(Seeking Alpha)<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A potential upside catalyst to the stock could include continued strength in the Brazilian Real against the US Dollar.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, this strength has been confined to the past year. Over the longer term, the Brazilian Real has depreciated against the US Dollar, providing long-term headwinds to the company&#8217;s revenue growth as denominated in dollars for US shareholders.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With revenue growth appearing robust, sharply reduced operating losses, continuing momentum with its international expansion and a strong balance sheet, risk-on investors may wish to consider VTEX.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">My outlook is a Buy for VTEX at around $5.60 per share.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4634184-vtex-metrics-moving-right-direction?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Quick Take On VTEX VTEX (NYSE:VTEX) reported its Q2 2023 financial results on August 8, 2023, beating revenue but missing consensus earnings estimates. The firm provides a digital ecommerce system for companies who want to do business in Latin America. With revenue growth that remains robust, sharply reduced operating losses, continuing momentum with its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":59211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-59210","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>VTEX&#039;s Metrics Are Moving In The Right Direction (Rating Upgrade) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A Quick Take On VTEX VTEX (NYSE:VTEX) reported its Q2 2023 financial results on August 8, 2023, beating revenue but missing consensus earnings estimates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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