$JMIA was asked about the bullish thesis.
Not gonna go through the whole thing.
If interested, you can pay a few shekels for CMLPro.com to get...
... the full report and ongoing CEO interviews, but...
... in (very short)...
1/n
Not gonna go through the whole thing.
If interested, you can pay a few shekels for CMLPro.com to get...
... the full report and ongoing CEO interviews, but...
... in (very short)...
1/n
Platform:
* Customers: +8%
... but
* E-comm: Orders +28%
* Payments: Txns +34%
* Advertising Rev: +23%
And then...
/2
* Customers: +8%
... but
* E-comm: Orders +28%
* Payments: Txns +34%
* Advertising Rev: +23%
And then...
/2
* Logistics: Provides the "pick-axe to the gold rush" now with 3PL revenue
(Other sellers use Jumia's logistics)
* 50M downloads vs top comp 1M
* Accounts: 7.3M (TAM 500M)
* Profitable per order after logistics
* Partners: $KO $PG $INTC Nestle
...
/3
(Other sellers use Jumia's logistics)
* 50M downloads vs top comp 1M
* Accounts: 7.3M (TAM 500M)
* Profitable per order after logistics
* Partners: $KO $PG $INTC Nestle
...
/3
* Gross margins ~75% and have been for years
* $560M in cash, no debt, while burning ~$50M per quarter with new focus on growth, lots of room
* Did not grow during COVID on *purpose* bc at that time was still losing money per order.
Can't "make it up on volume" like that.
/4
* $560M in cash, no debt, while burning ~$50M per quarter with new focus on growth, lots of room
* Did not grow during COVID on *purpose* bc at that time was still losing money per order.
Can't "make it up on volume" like that.
/4
* Now making more than $1 per order even after logistics, so here comes the S&M push, and yes, larger losses.
* Platform revenue outside of the the marketplace grows more than linearly, finally, so can be thought of as a land and expand, like an enterprise software company.
/5
* Platform revenue outside of the the marketplace grows more than linearly, finally, so can be thought of as a land and expand, like an enterprise software company.
/5
* And some charts of trends.
* Image 1: Jumia generates ~50% of revenue from Nigeria and Egypt and this is why.
* Image 2: The Internet is not lost in Africa, it's just mobile.
Then...
/6
* Image 1: Jumia generates ~50% of revenue from Nigeria and Egypt and this is why.
* Image 2: The Internet is not lost in Africa, it's just mobile.
Then...
/6
* Some charts for JMIA's platform thesis.
* Accounts a slow rise.
* Orders exponential.
* Advertising is eating the world.
* $800M EV. I see at least $10B in 10-years.
Get more: CMLPro.com
/7
* Accounts a slow rise.
* Orders exponential.
* Advertising is eating the world.
* $800M EV. I see at least $10B in 10-years.
Get more: CMLPro.com
/7
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