• In early February 2026, JPMorgan reiterated its positive stance on DLocal, citing record Total Payment Volume and gross profit alongside expanding cross-border payments infrastructure and new offerings like its Buy Now, Pay Later Fuse across multiple emerging markets.
• The analyst commentary underscored that DLocal’s growing network of local payment methods and product breadth is becoming a key differentiator for merchants seeking access to diverse, cash-light economies.
• Next, we’ll examine how this focus on expanding Buy Now, Pay Later and local payment coverage may influence DLocal’s investment narrative.

Find 51 companies with promising cash flow potential yet trading below their fair value.

DLocal Investment Narrative Recap

To own DLocal, you have to believe in its role as core infrastructure for emerging market payments, with Total Payment Volume growth and gross profit health as key near term proof points. JPMorgan’s latest commentary, highlighting record TPV and strong gross profit even as it trims its price target, reinforces that operational momentum appears intact. It does not materially change the biggest near term swing factors in my view: merchant concentration risk and margin pressure from lower take rates.

The expansion of DLocal’s Buy Now, Pay Later Fuse product to six countries is the announcement that ties most directly to this update. It sits at the heart of the growth story, because broader BNPL and local payment coverage can deepen relationships with large merchants and potentially offset pressure from gradually declining take rates, even as regulatory and pricing risks remain front of mind.

Yet against this constructive backdrop, investors should also weigh the growing regulatory and currency risks across key markets that could quietly reshape the story...

DLocal's narrative projects $1.7 billion revenue and $346.3 million earnings by 2028. This requires 25.7% yearly revenue growth and a $200.4 million earnings increase from $145.9 million.

Uncover how DLocal's forecasts yield a $17.85 fair value, a 36% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were already penciling in revenue of about US$2.0 billion and earnings of US$420.0 million by 2028, which is a far more bullish story than the consensus view and puts the recent JPMorgan update, and its reminder about regulatory and pricing headwinds, in a very different light for you as you compare these competing narratives.

Explore 20 other fair value estimates on DLocal - why the stock might be a potential multi-bagger!

Build Your Own DLocal Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your DLocal research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free DLocal research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate DLocal's overall financial health at a glance.

No Opportunity In DLocal?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.