RESEARCH

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