Africa

Africa’s Amazon may finally have its day; upgrade to Buy

  • We upgrade Jumia to Buy with a target price of US$3.50, implying 45% upside

  • Our valuation suggests deep value – Jumia is trading at a discount to both DM (72%) and EM/FM (82%) e-commerce

  • E-commerce giants such as BABA US and Amazon may eye Jumia as it has lost 90% of its value in the past 8 months

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Research ratings explanation and full Tellimer disclaimers

This research is produced by a third party. The Tellimer team has had no editorial input into the content of the note.