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[email protected] Background In May 2019, Citron exposed the problems at Jumia Technologies (JMIA) that included: • Discrepancies in financials between investor presentations and SEC filings • Fraudulent orders • A company burdened with inefficiencies EVERYTHING HAS NOW CHANGED. While we acknowledge that starting an e-commerce business in an emerging market will have its challenges, the rewards can be great for patient investors as we’ve seen with MELI, BABA and SE. Over the past year, the pandemic has accelerated the global shift to e-commerce and JMIA has benefited from: • Acceleration of e-commerce adoption by Nigerian consumers • The renewed focus on profitability • The rapid acceptance of fintech products in Nigeria including JumiaPay • The ability to use JMIA has a platform for ancillary products “Investors who ignore Nigeria now have to ask themselves: What do I know that Patrick Collison doesn’t?” – Paul Graham 2 All About The TAM In Citron’s initial short recommendations on JMIA, the one bit of hesitation we always had was the size of the of the addressable market vs. the misstatements in the financials. There is no denying that the COVID-19 pandemic has accelerated e-commerce globally. JMIA is the key beneficiary as it is the only scaled e-commerce player in Africa. You can’t deny the numbers: • 1.3 billion population • 523 million internet users • Fastest growing continent in the world that will account for >50% of global population growth between now and 2050 • McKinsey estimates that Africa e-commerce will grow to a $75 billion market opportunity by 2025 • In Nigeria, over 40% of the population is under the age of 14 and over 50% of registered voters are under the age of 35 EITHER THESE YOUNG NIGERIANS WILL BE THE FIRST PEOPLE ON EARTH TO NOT ACCEPT E-COMMERCE OR THE STOCK IS GOING TO $100.