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Writer: Abacus Research
Abacus Research
Dec 13, 2024
1 min read

GLBE is an under-appreciated, leader in the high growth cross-border and D2C eCommerce market.

  • The cross-border subset of e-commerce is an operationally difficult channel, as selling into foreign markets requires expertise in local market conventions including complying with regulations, different tax regimes, delivery etc.

  • GLBE’s outsourced solutions make the process simple, removing compliance risk for the merchant and improving the economics vs. in-house solutions and fixed cost investment.


The sustainability of 25-30% revenue growth attracts us to GLBE, along with the clear value added to customers despite macro challenges.

  • We think the Shopify deal has the potential for meaningful upside surprise over next two years.

  • Farfetch, GLBE’s closest competitor, has exited the business giving a strong tailwind to H2 2024 and 2025 new merchant bookings that underpin 30%+ GMV growth in 2025.


Potential Upside:     $100 (+80%) – 20% IRR over 3 years

Sensible Downside: $50 (-10%) – Estimate a 5% IRR in our downside scenario


 
 
 

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