WallStSmart

Dlocal Ltd (DLO)vsFortinet Inc (FTNT)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Fortinet Inc generates 455% more annual revenue ($7.53B vs $1.36B). FTNT leads profitability with a 28.2% profit margin vs 15.0%. DLO trades at a lower P/E of 22.0x. FTNT earns a higher WallStSmart Score of 73/100 (B).

DLO

Buy

65

out of 100

Grade: C+

Growth: 9.3Profit: 8.5Value: 7.0Quality: 7.0
Piotroski: 4/9Altman Z: 2.39

FTNT

Strong Buy

73

out of 100

Grade: B

Growth: 8.7Profit: 9.5Value: 5.3Quality: 6.0
Piotroski: 5/9Altman Z: 1.50
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

DLOUndervalued (+81.5%)

Margin of Safety

+81.5%

Fair Value

$69.14

Current Price

$14.84

$54.30 discount

UndervaluedFair: $69.14Overvalued
FTNTUndervalued (+43.5%)

Margin of Safety

+43.5%

Fair Value

$276.16

Current Price

$170.18

$105.98 discount

UndervaluedFair: $276.16Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

DLO4 strengths · Avg: 9.3/10
Return on EquityProfitability
34.7%10/10

Every $100 of equity generates 35 in profit

Revenue GrowthGrowth
55.8%10/10

Revenue surging 55.8% year-over-year

Debt/EquityHealth
0.129/10

Conservative balance sheet, low leverage

EPS GrowthGrowth
28.6%8/10

Earnings expanding 28.6% YoY

FTNT6 strengths · Avg: 9.0/10
Return on EquityProfitability
136.7%10/10

Every $100 of equity generates 137 in profit

Operating MarginProfitability
33.6%10/10

Strong operational efficiency at 33.6%

Market CapQuality
$114.51B9/10

Large-cap with strong market position

Profit MarginProfitability
28.2%9/10

Keeps 28 of every $100 in revenue as profit

Revenue GrowthGrowth
25.6%8/10

Revenue surging 25.6% year-over-year

EPS GrowthGrowth
43.9%8/10

Earnings expanding 43.9% YoY

Areas to Watch

DLO0 concerns · Avg: 0/10

No major concerns identified

FTNT4 concerns · Avg: 3.0/10
PEG RatioValuation
1.744/10

Expensive relative to growth rate

Altman Z-ScoreHealth
1.504/10

Distress zone — elevated risk

P/E RatioValuation
56.1x2/10

Premium valuation, high expectations priced in

Price/BookValuation
80.7x2/10

Trading at 80.7x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : DLO

The strongest argument for DLO centers on Return on Equity, Revenue Growth, Debt/Equity. Revenue growth of 55.8% demonstrates continued momentum.

Bull Case : FTNT

The strongest argument for FTNT centers on Return on Equity, Operating Margin, Market Cap. Profitability is solid with margins at 28.2% and operating margin at 33.6%. Revenue growth of 25.6% demonstrates continued momentum.

Bear Case : DLO

No major red flags identified for DLO, but monitor valuation.

Bear Case : FTNT

The primary concerns for FTNT are PEG Ratio, Altman Z-Score, P/E Ratio. A P/E of 56.1x leaves little room for execution misses.

Key Dynamics to Monitor

FTNT carries more volatility with a beta of 1.06 — expect wider price swings.

DLO is growing revenue faster at 55.8% — sustainability is the question.

FTNT generates stronger free cash flow (966M), providing more financial flexibility.

Monitor SOFTWARE - INFRASTRUCTURE industry trends, competitive dynamics, and regulatory changes.

Bottom Line

FTNT scores higher overall (73/100 vs 65/100), backed by strong 28.2% margins and 25.6% revenue growth. DLO offers better value entry with a 81.5% margin of safety. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Dlocal Ltd

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

DLocal Limited operates a worldwide payments platform. The company is headquartered in Montevideo, Uruguay.

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Fortinet Inc

TECHNOLOGY · SOFTWARE - INFRASTRUCTURE · USA

Fortinet (Nasdaq: FTNT) is an American multinational corporation headquartered in Sunnyvale, California. It develops and sells cybersecurity solutions, including but not limited to physical products such as firewalls, plus software and services such as anti-virus protection, intrusion prevention systems and endpoint security components.

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