Global-e

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

Link to Research