Despite the poor performance of U.S. equity markets this year, MercadoLibre has proven to be a resilient name. While the S&P 500 has dropped over 8% year-to-date, $MELI has delivered an impressive 25% return—massively outperforming the flagship index.

This performance reflects the strength of MercadoLibre’s business. Yet, $MELI still trades at a multi-year low valuation multiple, leaving significant room for upside. Let’s take a deeper look.