MercadoLibre (MELI -4.21%) is one of the fastest-growing e-commerce platforms in the world.

In this Industry Focus: Tech segment, Motley Fool analyst Dylan Lewis and contributor Danny Vena discuss where shares are priced right now, why they're so expensive, and why growth investors shouldn't let that multiple scare them away.

A full transcript follows the video.

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This video was recorded on June 23, 2017.

Dylan Lewis: Not surprisingly, with all of these pretty gaudy growth rates that we just quoted year over year, MercadoLibre is not a cheap stock by any means. The company is priced for growth. It currently trades at around 80 times trailing earnings. But I think something you have to keep in mind here is, we talked a little bit about the market opportunity before. Danny, you mentioned, you're basically getting this eBay-Amazon-Shopify-PayPal company all rolled into one. Mercado right now is a $12 billion-market-cap company. PayPal alone is a $65 billion company. So I think you look at Mercado and say, yes, it's expensive on a P/E basis, but if the tailwinds hold, and really so many things in the Latin American market have been headwinds for them and they've been able to be successful in spite of that, so even if those headwinds die down a little bit and they keep humming along and don't wind up ceding too much ground to competitors, I think there's still a massive runway for them.

Danny Vena: I agree. That's one of the reasons that I have followed this stock so closely. I first invested in the company in early 2009. I've been following the company for about eight years. And those tailwinds, those demographics for internet penetration, e-commerce growth, for the growing middle class, I think all of those are likely to continue. And as you said, as long as they can hold off competitors with their customer service, with their innovation and technology, with their expanding into areas such as shipping and payments, I think this company could be a great investment for years to come.

Lewis: I agree with you. I'm a shareholder. I hope we're both right. And I'm sure there are a lot of Fools who are also rooting for the same outcome.