Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Coupang’s Amazon-Inspired Playbook Drives Growth, but do Competitive Risks Temper Long-Term Outlook? – impact , outlook & its key competitive & strategic levers !
Coupang’s Q3 2024 results showcased operational efficiency and strategic execution, with total revenues of $7.87B (+27% YoY) surpassing estimates by $110.68M and adjusted EPS of $0.06 exceeding expectations by $0.05. Active Customers grew 11% YoY, with spend per customer rising 4%, driven by WOW members who order 9x more frequently than non-members and show 2.5x higher spend in mature cohorts. Gross profit surged 45% YoY to $2.3B, expanding margins by 270 bps to 28.8%, reflecting operational leverage through supply chain efficiencies and high-margin offerings like Fulfillment & Logistics by Coupang (FLC), which saw 130% YoY growth. Developing Offerings revenue jumped 350%, with Farfetch nearing breakeven adjusted EBITDA, validating Coupang’s disciplined integration strategy. Initiatives like Eats and Taiwan are gaining traction, underscoring incremental growth levers. WOW membership, category expansion, and underpenetrated ad services remain key drivers, while scaling Eats and Taiwan adds medium-term potential. However, OG&A expenses increased 355 bps YoY due to infrastructure investments, raising near-term profitability volatility risks. While Coupang targets long-term adjusted EBITDA margins of 10%+, competitive threats from platforms like AliExpress and Temu could narrow its logistical edge. Can Coupang’s scaling initiatives and WOW-driven engagement offset competitive risks and sustain its long-term market dominance?
