Coupang, Inc.

“Coupang is South Korea's structurally dominant e-commerce and logistics platform with a widening moat, expanding margins, and strong operating cash generation — currently trading at 0.74x EV/Revenue near its 52-week low due to Farfetch losses and an elevated CapEx cycle, both of which are temporary rather than structural impairments. The Korean business alone generates an estimated $2B+ in normalized FCF, providing a floor that makes the current $27B market cap look cheap. Governance risk from a dual-class founder structure and unilateral capital allocation decisions (Farfetch) limits conviction below STRONG_BUY, but the risk/reward at this entry point is clearly favorable for a 5–7 year holding period.”