| Research Excerpts
| Date |
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FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv [EXCERPT]
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May 21, 2019
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Payments 2019: You Are My Sunshine [EXCERPT]
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Jan 17, 2019
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IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B [EXCERPT]
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Jan 17, 2019
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“It was the best of times, it was the worst of times…” Initiating coverage of IT Services and Processors [EXCERPT]
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Oct 4, 2018
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“Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector [EXCERPT]
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Jul 11, 2018
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Date
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Payments: Digital Wallet Wars Escalate – New 1000+ Respondent Consumer Survey on Usage of 14 Wallets
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Jun 20, 2019
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FB, V, MA, PYPL: Libra Unveiled – Big Day for Crypto, Nice-To-Have for FB, Important Experiment for Payments
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Jun 19, 2019
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Payments: Takeaways from Discussions with Stripe, REPAY, and Marqeta at MN's PPI Summit
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Jun 14, 2019
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Payments: Takeaways from Discussions with the CEOs of American Express and Discover at MN's PPI Summit
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Jun 12, 2019
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IT Services: Takeaways from Conversations with Cognizant's CFO and CGI's CEO at MN's PPI Summit
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Jun 11, 2019
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Paychex: Four Takeaways from our Fireside Chat with Paychex’s CFO during MN’s PPI Summit
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Jun 10, 2019
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Mastercard: Takeaways from Discussions with Mastercard’s President, NA at MN’s PPI Summit
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Jun 6, 2019
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Visa: Takeaways from Discussions with Visa’s CEO at MoffettNathanson's PPI Summit
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Jun 6, 2019
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PayPal: Six Takeaways from Discussions with PayPal’s CEO during MN’s PPI Summit
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Jun 5, 2019
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Global Payments + TSYS: A Positive (and Necessary) Stepping Stone
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May 29, 2019
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DXC 4Q19: Time for Plan B, Part 2… Sell IP & BPS, Buy More Digital?
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May 24, 2019
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FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv
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May 21, 2019
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Payments, Processors, and IT Services: 1Q19 Roundup - Top Sector Themes and Updated Stock Preferences
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May 14, 2019
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FB, V, MA, PYPL: Facebook’s Cryptocurrency Project Libra – How it Could Matter
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May 10, 2019
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ADP: A Deep Dive - The Bull Thesis in 20 Slides
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May 9, 2019
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IBM: A Deep Dive – The Bear Thesis in 20 Slides
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May 9, 2019
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Cognizant 1Q19: Gravity Prevails, Just as a New CEO Enters. Now What?
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May 8, 2019
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Global Payments 1Q19: Who Might They Buy Next?
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May 6, 2019
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Worldpay 1Q19: Dear FIS, There’s Upside to Standalone Worldpay (In Addition to the Revenue Synergies)
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May 3, 2019
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ADP 3Q19: Resilient
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May 2, 2019
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Square 1Q19: Demystifying Subscription & Services
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May 2, 2019
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Mastercard 1Q19: Investing for the Future – A Peek Into the Next Horizon of Growth
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May 1, 2019
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FDC 1Q19: Fiserv, Please Handle With Care
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May 1, 2019
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FISV-FDC and FIS-WP: Is the Answer Always 4%? Our Financial Technology Services Market Forecast
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Apr 29, 2019
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Visa 2Q19: Teflon
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Apr 25, 2019
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PayPal 1Q19: Climbing the Tree
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Apr 25, 2019
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Payments: The Adyen Threat – Takeaways From Adyen’s First Capital Markets Day
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Apr 18, 2019
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IBM 1Q19: Meh
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Apr 17, 2019
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Fiserv + First Data: Easier Synergies, Harder Long-term Growth – Our Revenue Outlook
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Apr 11, 2019
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FIS + Worldpay: 1+1=7.7%. Our Revenue Growth Outlook
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Apr 8, 2019
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The Merchant Acquirer M&A Chessboard - Who is Next?
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Apr 3, 2019
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Accenture 2Q19: A Peek Behind the Curtain – How to Tell if an IT Services Firm is Good in Digital & Cloud
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Mar 29, 2019
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Paychex 3Q19: 6%+ Organic Revenue Growth!? The Secular Drivers of HR Services
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Mar 28, 2019
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Payments: The Foundation of the Bull Thesis – Why We Have 5+ More Years of Double-Digit Volume Growth
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Mar 25, 2019
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IBM: Can IBM (+Red Hat) Catch Up In Cloud?
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Mar 22, 2019
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FIS + Worldpay: Bigger Now, Better Later
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Mar 19, 2019
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FB & PYPL Partner for Instagram Checkout - March 19, 2019
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Mar 19, 2019
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PayPal + MercadoLibre: A Base Hit, With Potential to be a Home Run
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Mar 12, 2019
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V, MA, PYPL: The Amazon Risk
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Mar 8, 2019
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Payments, Processors, and IT Services: 4Q18 Roundup – Top Sector Themes and Updated Stock Preferences
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Mar 5, 2019
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Square 4Q18: What Can Jump Start the Stock?
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Feb 28, 2019
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V, MA, PYPL: Not Imminent, but Worth Watching – the Risk of Disruption from Cryptocurrencies and Blockchain
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Feb 27, 2019
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Worldpay 4Q18: Playing Offense
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Feb 27, 2019
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Payments, Processors, and IT Services: Blockchain and Cryptocurrency Immersion Company Meeting Takeaways
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Feb 25, 2019
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GPN 4Q18: Looking Beyond 2019 - Where Does Global Payments Fit on the Merchant Acquiring Chessboard?
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Feb 14, 2019
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Payments, Processors, and IT Services: Blockchain and Cryptocurrencies – State of the Industry
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Feb 13, 2019
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DXC 3Q19: Tug-O-War
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Feb 8, 2019
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Cognizant 4Q18: Seeing Some Green Shoots, Raising Target Price to $80
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Feb 7, 2019
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FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data
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Feb 7, 2019
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Mastercard 4Q18: Why We Believe in 16% Revenue Growth
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Feb 1, 2019
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Visa 1Q19: Visa Direct – The Next Big Thing
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Feb 1, 2019
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ADP 2Q19: How Do All the Lines Point Up? Deciphering Market Shares in HR Services
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Jan 31, 2019
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PYPL 4Q18: TPV Growth – Primus inter pares B
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Jan 31, 2019
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IBM 4Q18: Pushing On a String
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Jan 23, 2019
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IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B
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Jan 16, 2019
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First Data + Fiserv: Why Fiserv Investors Just Got a Really Good Deal
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Jan 16, 2019
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IT Services: New CIO Survey Results Show A Positive 2019 Outlook For Overall IT and IT Services Spending
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Jan 14, 2019
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Payments 2019: You Are My Sunshine
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Jan 10, 2019
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DXC + Luxoft: Plan B, Part 1, Check.
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Jan 8, 2019
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Worldpay: From Very Good to Great. Upgrading to Buy
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Jan 7, 2019
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Accenture 1Q19: As We Enter 2019, Will Secular Dominance Outweigh Cyclical Softness?
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Dec 21, 2018
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Paychex 2Q19: Secular PEO and HR Services Growth Offsets a Sluggish Core
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Dec 20, 2018
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FB & PYPL - A Match Made in Heaven? What an Expanded FB/PYPL Partnership Might Look Like (and Why Now)
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Dec 13, 2018
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CTSH: Model update for the changes in non-GAAP adjustment methodology beginning in FY19
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Dec 11, 2018
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V, MA, PYPL: The Payments MVP’s, Part 3. 'P' = PayPal – The Bull Thesis in 20 Slides
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Dec 6, 2018
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V, MA, PYPL: The Payments MVP’s, Part 2. 'V' = Visa – The Bull Thesis in 20 Slides
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Dec 4, 2018
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Visa, Mastercard: The EC Cross-Border Interchange Settlement - We’ll Take It
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Dec 4, 2018
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MA, V, PYPL: Meet the Payments MVP’s. ‘M’ = Mastercard – The Bull Thesis in 20 Slides
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Nov 30, 2018
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Visa, Mastercard: Revisiting the “Stroke of the Pen” Risk as Cross-Border Interchange Regulation Looms
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Nov 27, 2018
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Can Cognizant Really Re-accelerate Revenue Growth?
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Nov 20, 2018
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Payments, Processors, and IT Services: 3Q18 Roundup – Top Sector Themes and Updated Stock Preferences
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Nov 16, 2018
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DXC: Sooner Rather than Later, We Should Talk About Plan B
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Nov 15, 2018
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WP 3Q18: In the Goldilocks Zone
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Nov 9, 2018
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Square 3Q18: Time to Dust Off the Bull vs. Bear
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Nov 8, 2018
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DXC 2Q19: The Anchor Drops
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Nov 7, 2018
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Payments: A Peek into the Future of Payments – Insights from Money20/20 2018
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Nov 6, 2018
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ADP 1Q19: Many Arrows in the Quiver
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Nov 1, 2018
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Cognizant 3Q18: On the Bubble
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Oct 31, 2018
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Mastercard 3Q18: Crushing it Abroad
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Oct 31, 2018
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GPN 3Q18: Do-Re-Mi – Let’s Start at the Very Beginning…What is Revenue Growth and Is It Good?
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Oct 31, 2018
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FDC 3Q18: Don’t Throw the Baby Out with the Bathwater
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Oct 30, 2018
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IBM+Red Hat: A Great Example of Why Turning Around IBM is So Damn Hard
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Oct 29, 2018
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Visa: Important, But Not Well Understood: What Drives Visa's Cross-Border Revenues?
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Oct 25, 2018
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DXC: Wait it out. Like IBM, DXC Has an “Anchor Problem”
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Oct 24, 2018
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Freshly Divorced from eBay, Now a Most Eligible Single…Who Might PayPal be Dating?
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Oct 19, 2018
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IBM 3Q18: An “Anchor” Problem
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Oct 17, 2018
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Payments: If You Only Watch 8 Things in 3Q18 Earnings...
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Oct 12, 2018
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“It was the best of times, it was the worst of times…” Initiating coverage of IT Services and Processors
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Oct 4, 2018
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PYPL: The Button Wars – PayPal Has 30%+ Share of U.S. Checkout and Counting...How High Can It Go?
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Sep 20, 2018
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MA, V, PYPL: Twelve takeaways from a half-day of management meetings at Mastercard
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Sep 11, 2018
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V, MA, PYPL: The Alipay Threat – Insights from Three Days Immersed with Ant Financial in Hangzhou, China
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Sep 6, 2018
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FDC, WP, GPN: Who is the Fairest of them All? Forecasting Organic Revenue Growth for the Merchant Acquirers
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Aug 29, 2018
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Payments Chart of the Quarter: Hang on to those stocks – Payments growth is accelerating
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Aug 15, 2018
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Worldpay 2Q18: How hard is $100M in revenue synergies with no Amazon or PayPal?
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Aug 10, 2018
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GPN 2Q18: Global Payments’ Software Strategy is Certainly Different, Jury’s Out on Whether It’s Better
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Aug 3, 2018
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Square 2Q18 Earnings: The Square Dream is... Instant Deposit and Caviar?
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Aug 2, 2018
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First Data 2Q18: One Small Step for NA GBS, One Giant Leap for the Turnaround Story
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Jul 31, 2018
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Visa 3Q18 and Mastercard 2Q18: Is Mastercard Really Suddenly Better?
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Jul 27, 2018
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PayPal 2Q18: Stand Tall, Checkout Button!
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Jul 26, 2018
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WP, SQ, GPN, FDC: Regulatory tremors in the UK
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Jul 25, 2018
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Agree or disagree? Payments coverage initiation FAQs, pushback, and sentiment
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Jul 23, 2018
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“Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector
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Jul 11, 2018
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