Added to YB: 2026-03-06
Pitch date: 2026-03-04
SE [neutral]
Sea Limited
Author Info
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Company Info
Sea Limited, through its subsidiaries, operates as a consumer internet company in Southeast Asia, Latin America, the rest of Asia, and internationally.
Market Cap
$52.0B
Pitch Price
N/A
Price Target
177.00
Dividend
N/A
EV/EBITDA
16.67
P/E
34.85
EV/Sales
1.96
Sector
Broadline Retail
Category
growth
Sea Limited 4Q25 Earnings: The Choice Not to Harvest
SE (earnings): Q4 rev $6.85B (+38% YoY); 2026 Shopee GMV guide +25%, EBITDA flat vs 2025. Margin inflection delayed to H2'26/2027 as Sea reinvests growing transaction surplus into infrastructure. VIP subs >7M (2x QoQ), renewal rate 40%→70% via SPayLater integration. Monee loan book $9.2B (+80%), 1.1% NPL despite opening to all applicants; off-Shopee loans +300%, now 15% of portfolio. Integration density (logistics+payments+credit+subs) creating ecosystem moat competitors can't replicate. Management maintains 2-3% LT Shopee margin target. Bull case: $7-8B EBITDA by 2028 on margin normalization+Monee scaling, ~2x upside from current 22x fwd P/E. Risk: perpetual reinvestment, credit downturn, competitive catch-up erode advantages.
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