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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