Added to YB: 2026-02-27
Pitch date: 2026-02-27
VTEX [bullish]
VTEX
Author Info
Clark Square Capital is a former equity analyst and now a full-time investor managing their own capital. Sign up for their newsletter
Company Info
VTEX, together with its subsidiaries, provides software-as-a-service digital commerce platform for enterprise brands and retailers.
Market Cap
$618.3M
Pitch Price
N/A
Price Target
8.50
Dividend
N/A
EV/EBITDA
12.20
P/E
22.10
EV/Sales
1.74
Sector
IT Services
Category
value
SaaS baby out with the bathwater
VTEX (new position): Brazilian e-commerce SaaS ('Shopify of LATAM') for enterprise clients (Carrefour, Nike). GMV-based pricing = AI-proof; deep tax/localization moat. FX turning to ~5pt tailwind in 2026; Brazil rate cuts should re-accelerate SSS. Dirt cheap at 1.1x rev, ~5x non-GAAP op profit, 40% mkt cap in net cash, founder-led (40% stake), new $50M buyback. PT $8.50 (~2x) on 12x 2028 EBIT.
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