RESEARCH

Research Excerpts Date
Fintech: Down But Not Out - Initiating Coverage of the Fintech Sector [EXCERPT] Apr 11, 2022
FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv [EXCERPT] May 21, 2019
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
Paychex 1Q23: What's Ahead for Paychex's Margins? Sep 29, 2022
SoFi: Eight Takeaways from Our Fireside Chat with SoFi’s CEO During MN’s Digital Banking Immersion Day Sep 28, 2022
DocuSign: Right-sizing for a New World Sep 28, 2022
CS Disco: Timing of CRO Departure Bad for our Thesis Sep 26, 2022
Accenture 4Q22: The Journey to #1 – Accenture’s Market Share and Business Mix Over the Past Decade Sep 23, 2022
Payments, Fintech: Shielded or Exposed? Assessing Integrated PoS Providers’ Recession Resilience Sep 23, 2022
Intuit: Strength in Any Environment - Initiating with Outperform and $500 Price Target Sep 22, 2022
CS Disco: Leading the Litigation SaaS Pack - Initiating at Outperform, $20 price target Sep 22, 2022
Software: Is It Time to Invest Again? Sep 22, 2022
LegalZoom: What We Can and Can't Control - Initiating Coverage with Underperform and $11 Price Target Sep 22, 2022
DocuSign: It Is a Rebuilding Year – Initiating with Underperform Sep 22, 2022
DocuSign - New CEO Certainly has the Chops Sep 22, 2022
Collaboration Software Initiation – Attractive Time to Step In Sep 22, 2022
nCino (NCNO): Great Competitive Position but Macro Risks Ahead – Initiating at Market Perform Sep 22, 2022
PGY: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12 – in 30 slides Sep 15, 2022
Payments: The Future of Merchant Acquiring, 2022 Edition, Part 2 – Our Five-Year Industry Outlook and Stock Implications Sep 15, 2022
Payments: How Much Growth is Left? Our Latest 5-Year Industry Forecast Sep 13, 2022
Pagaya: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12 Sep 12, 2022
Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes (PRESENTATION) Sep 7, 2022
Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes Sep 1, 2022
Affirm 4Q22: Crowded Field – Takeaways for Affirm from our Checkout Button Wars Survey Aug 26, 2022
SoFi: Implications of the Student Debt Relief Announcement Aug 24, 2022
Nubank 2Q22: The ARPU Accelerator – A Spotlight on Personal Loans Aug 16, 2022
Toast 2Q22: Sustainability of Hypergrowth Aug 12, 2022
Coinbase 2Q22: Enough Cash to Survive the Winter? Aug 10, 2022
FIS 2Q22: The State of the All-Important Merchant Solutions Business - Market Shares, Yields, Volumes Aug 8, 2022
Block 2Q22: The State of Afterpay (and other BNPL Buttons) in the U.S. Aug 5, 2022
Lightspeed 1Q23: How Much Better (Or Worse) Can Volume Growth Get? Aug 5, 2022
Shift4 2Q22: Reaching for the Stars – How Achievable Is Shift4s Volume Growth Goal? Aug 5, 2022
V, MA: The MindGeek/Pornhub Risk Aug 5, 2022
DXC 1Q23: Yikes, What Happens if Demand Weakens? Aug 4, 2022
PYPL 2Q22: Checkout, Braintree, and Venmo – the PayPal Trinity Aug 3, 2022
SoFi 2Q22: No Student Loans, No Problem Aug 3, 2022
GPN 2Q22: The State of the All-Important Merchant Solutions Business - Market Shares, Yields, Volumes Aug 2, 2022
Mastercard 2Q22: Once More, with Feeling! Cross. Border. Travel. Jul 29, 2022
Cognizant 2Q22: Walking the Tightrope – Navigating the Post-Pandemic Rebound While Preparing for a Slowdown Jul 28, 2022
ADP 4Q22: No More Post-Pandemic Tailwinds, Slowing Economy – How Doable is 6-8% ES Growth in FY23? Jul 28, 2022
V, MA: Senator Durbin Fires a Shot across the Bow at Credit – Our Preliminary Perspective Jul 28, 2022
Fiserv 2Q22: The State of the All-Important Merchant Acceptance Business – Market Shares, Yields, Volumes Jul 27, 2022
Visa 3Q22: “We See No Sign of Any Slowdown” Jul 27, 2022
Payments: The Future of Merchant Acquiring, 2022 Edition, Part 1 – Volumes, Yields, Market Shares, Factors that Matter Jul 26, 2022
AXP 2Q22: Amex’s Recession Write-off Risks Jul 25, 2022
V, MA: Better Late Than… – The (Long-Awaited) Recovery in Cross-Border Travel Jul 22, 2022
IBM 2Q22: Recession-Resilient? Jul 19, 2022
Payments: The Checkout Button Wars, 2022 Edition – Featuring PayPal, et al Jul 15, 2022
Nubank: A Deep Dive – The Bull Thesis in 25 Slides Jul 14, 2022
Block: The Afterpay Aftermath – Delight or Remorse? Jul 13, 2022
Accenture 3Q22: The Question of R***ssion Sensitivity Jul 1, 2022
Payments, Processors, and IT Services: Initiation of Coverage Jun 30, 2022
Processors and Fintech: Initiation of Coverage Jun 30, 2022
Paychex 4Q22: All Eyes On The Macro Jun 30, 2022
Nubank: 60 Million Users – Done; Next Step – ARPU Expansion Jun 16, 2022
Payments: Amazon’s ‘Buy with Prime’ – Disruptive or Dismissible? Jun 16, 2022
PayPal: How Big Is Braintree? And Answers to Other Burning Questions about PayPal Jun 14, 2022
LSPD, TOST, FOUR: The Profitability Promised Land Jun 9, 2022
Payments, Processors, IT Services, Crypto and Fintech: Guns, Germs, and Inflation – Our Updated Stock Picks in the Current Macro Environment May 27, 2022
Payments, Processors, and IT Services: Highlights from MN’s 4th Annual PPI Summit May 26, 2022
DXC 4Q22: Inflation, Rising Rates, Geopolitical Conflict, and Declining Revenues – Our Updated Valuation May 26, 2022
Coinbase: The Phoenix – Now That the Crypto Cycle Is Complete, Our Updated Outlook. Reiterate Buy, TP = $200 May 24, 2022
Payments: The Bull and the Bear in 71 Slides May 20, 2022
Lightspeed 4Q22: Six Metrics to Watch in FY23 May 20, 2022
Block Investor Day: What a Difference Five Years Makes May 19, 2022
Nubank 1Q22: The Power of the Card May 17, 2022
TOST 1Q22: The Push Beyond Payments May 13, 2022
Affirm 3Q22: Leading in a Niche Market May 13, 2022
SoFi 1Q22: Personal Loans to the Rescue May 11, 2022
Shift4 1Q22: What’s $180 Billion of Gateway Volume Worth? May 6, 2022
Block 1Q22: Unwavering – The Outlook for Square May 6, 2022
Cognizant 1Q22: Inflation Crosscurrents May 5, 2022
FIS 1Q22: The Double Uncertainty of Volumes and Yields – Unpacking FIS’s U.S. Merchant Acquiring Market Share May 4, 2022
GPN 1Q22: Temporary Dip or Permanent Trend? GPN’s U.S. Merchant Acquiring Market Share May 3, 2022
Mastercard 1Q22: Russia Who? Apr 29, 2022
ADP 3Q22: Safe Harbor in a Turbulent Sea Apr 28, 2022
PYPL 1Q22: Can Doing “Fewer Things, Better” Sustain Mid-Teens Revenue growth? Apr 28, 2022
Fiserv 1Q22: The Crown Jewel – Clover’s Market Share and Growth Outlook Apr 28, 2022
Visa 2Q22: U.S. Growth – How Long Can it Last? Apr 27, 2022
AXP 1Q22: Not So Transitory – The Impact of Inflation on Amex Apr 25, 2022
Toast: The Elusive Rewards of International Expansion Apr 22, 2022
IBM 1Q22: Outrunning Inflation Apr 20, 2022
Payments: The Year of Travel, Inflation, and Omnichannel – Our 2022 Proprietary eCommerce Forecast Apr 14, 2022
Fintech: The Fintech Sector Initiation in 80 Slides Apr 12, 2022
Payments: The End of Cash/Checks in the U.S.? Not So Fast Apr 11, 2022
SoFi: Near-Term Pain, (Some) Long-Term Gain – Implications of the Student Loan Moratorium Extension Apr 7, 2022
Down But Not Out - Initiating Coverage of the Fintech Sector Apr 5, 2022
Paychex 3Q22: Still Plenty Of Pep In That Step – A Look At The Health Of The U.S. SMB Sector Mar 31, 2022
FISV, FIS, GPN: Deserved or Dislocated? The Valuation Question Mar 25, 2022
Accenture 2Q22: The Question of the Durability of Growth Mar 18, 2022
AXP Investor Day: Never Let a Good Crisis Go to Waste Mar 17, 2022
PayPal: The Bad News, the Good News, and Our Perspective on the Path Forward Mar 16, 2022
Visa, Mastercard: Adieu, Russia Mar 8, 2022
Payments, Processors, and IT Services: 4Q21 Roundup – Updated Stock Preferences and Top Sector Themes Mar 2, 2022
Block 4Q21: A Spotlight on Afterpay, the Newest Member of the Block Family Feb 25, 2022
Coinbase 4Q21: The Crypto Bowl – Spotlight on Coinbase’s Competitive Position Feb 25, 2022
FIS 4Q21: …And One Step Back Feb 16, 2022
GPN 4Q21: Persistent Divergence – The Quandary of Merchant Solutions Revenues and Volumes Feb 11, 2022
Fiserv 4Q21: Ready, Fire, Aim Feb 9, 2022
IBM: Model and Forecast Update to Reflect Revised Segment Reporting (ex-Kyndryl) Feb 8, 2022
Cognizant 4Q21: Can Cognizant Return to Double-Digit Growth? Implications of our Recent CIO Survey Feb 4, 2022
DXC 3Q22: Can Revenues Grow? Implications of our Recent CIO Survey for DXC Feb 4, 2022
PYPL 4Q21: The Great Reset is Here. Is 20% Revenue Growth Still Viable? Feb 2, 2022
Visa 1Q22: Our Top Pick for 2022, Our Scorecard for Success Jan 28, 2022
Mastercard 4Q21: A Top Pick for 2022, Our Scorecard for Success Jan 28, 2022
ADP 2Q22: The Woes of Great Expectations Jan 27, 2022
AXP 4Q21: Have We Mentioned How Much We Love the Payment Networks in 2022? Jan 26, 2022
IBM 4Q21: With Strong Demand and No More Kyndryl, Revenues are Improving… Can Profits and FCF Follow? Jan 25, 2022
IT Services, HR & Fintech Processors: New CIO Survey Results Indicate Remarkably Strong, Sustained Demand Jan 14, 2022
Payments, Processors, and IT Services 2022: Fighting Back Against Fear, Uncertainty, and Doubt Jan 6, 2022
Paychex 2Q22: Three Valuation Lenses for Paychex Dec 23, 2021
Payments, Processors, and IT Services: As we (enthusiastically) close the door on 2021, and open the door to 2022… Dec 22, 2021
Accenture 1Q22: Extraordinary Growth, What Valuation? Dec 17, 2021
V,MA,PYPL: Takeaways from MoffettNathanson’s Crypto & Blockchain Immersion (Part 1 of 2) Dec 15, 2021
ADP, PAYX: Competing in the New Normal Dec 1, 2021
Cognizant: New Three-Year Guidance, and Now – Execution, Execution, Execution Nov 19, 2021
Payments: BNPL Mania – Our Perspective, in Charts Nov 18, 2021
ADP: Margins, Next Gen HCM, Digital Banking – Our Top Takeaways from the Investor Day Nov 16, 2021
Mastercard: Identity, Installments, Acceptance, and Open Banking – Our Favs From Investor Day Nov 12, 2021
Coinbase 3Q21: Subscription & Services Is Up 41% QoQ…Time to Learn What It Is Nov 10, 2021
PYPL 3Q21: I Feel Better Than I Look Nov 9, 2021
Square 3Q21: Cash App – Where to From Here? Nov 5, 2021
FIS 3Q21: It Might Be Safe to Come Out From Under Your Desk Nov 5, 2021
DXC 2Q22: Can Revenues Grow? Part 2 – Through the Lens of the Layers of the Enterprise Technology Stack Nov 4, 2021
GPN 3Q21: No News is Bad News Nov 3, 2021
Mastercard 3Q21: Remember the Forest – Cross-Border Travel Oct 29, 2021
Fiserv 3Q21: Can Do No Right Oct 28, 2021
ADP 1Q22: The Investor Day Wish List Oct 28, 2021
Cognizant 3Q21: Three Years, One CEO, One CFO, and One Global Pandemic Later – What We Expect from Cognizant’s Investor Day Oct 28, 2021
Visa 4Q21: It Really Is Mostly About Cross-Border Travel Oct 27, 2021
Payments: BNPL Mania, Part 2 – Our Perspective on the U.S. Competitive Landscape Oct 25, 2021
AXP 3Q21: How Much Gas is Left in the Tank? Oct 25, 2021
IBM 3Q21: Our Takeaways from IBM’s Recent Investor Briefing (And a Few Callouts on the Quarter) Oct 21, 2021
PayPal + Pinterest: Peter Piper Picked a Peck of Pickled Peppers? Oct 21, 2021
Payments: Digital Wallet (and BNPL, Digital Bank) Wars, 2021 Edition – New 1000+ Respondent Consumer Survey Oct 20, 2021
Payments: BNPL Mania, Part 1 – A Primer and Our U.S. Forecast Oct 13, 2021
Visa: Crypto Cards & APIs, Blockchain Rails, Stablecoins, NFTs – A Discussion with Visa’s Head of Crypto Oct 8, 2021
V, MA: BNPL – Friend or Foe? Oct 7, 2021
Paychex 1Q22: The Long Tail of the PEO Recovery Oct 1, 2021
Accenture 4Q21: Why Double-Digit Revenue Growth is Sustainable Sep 24, 2021
ACN, DXC, CTSH, IBM: The Primacy of Revenue Growth – Upgrading Accenture (Buy), Downgrading DXC (Neutral) Sep 22, 2021
Payments: Fintech Frenzy – Our Perspective on Recent and Upcoming Fintech IPOs Sep 15, 2021
GPN: Step One on the Road to Recovery? Sep 9, 2021
V, MA: Durbin 2.0? A Brief Review of Active U.S. Payments Regulatory Issues Sep 1, 2021
Payments: Après Square+Afterpay? A Fresh Look at the Payments M&A Chessboard Aug 23, 2021
Payments, Processors, and IT Services: 2Q21 Roundup – Updated Stock Preferences and Top Sector Themes Aug 17, 2021
Coinbase 2Q21: The IRS and SEC Are Coming for Crypto – What it Means for Coinbase Aug 11, 2021
DXC 1Q22: Can Revenues Grow? Aug 5, 2021
FIS 2Q21: The Journey Back to 10% Growth in Merchant Solutions Aug 4, 2021
Square + Afterpay: Our Merger Model, Raising TP to $340 Aug 4, 2021
GPN 2Q21: When Will Good Be Good Enough? Aug 3, 2021
Square + Afterpay: Advancing Toward the Holy Grail (A Scaled Two-Sided Network) Aug 2, 2021
Mastercard 2Q21: Credit Recovery, International Share Gains = 15% Volume Growth in 2022, 11-12% Beyond Jul 30, 2021
ADP 4Q21: Roll by ADP – Getting In On the Ground Floor Jul 29, 2021
PYPL 2Q21: PayPal Has 1/3 of U.S. Online Checkout, Competition from Other Buttons, Yet Just Raised TPV Growth Guidance to 33-35%...How? Jul 29, 2021
Cognizant 2Q21: Attrition – The Debbie Downer Jul 29, 2021
Visa 3Q21: Visa Direct, Europe – Why We Believe in 11% Volume Growth in 2023 and Beyond Jul 28, 2021
Fiserv 2Q21: The Merchant Acquiring Business – A Portrait of a Share Gainer (Or At Least Share Maintainer) Jul 28, 2021
AXP 2Q21: Yes, U.S. Consumers Like to Spend Money Jul 26, 2021
Payments: Economic Recovery, Secular Acceleration, and New Payment Flows – Our Latest 5-Year Industry Forecast Jul 22, 2021
IBM 2Q21: Kyndryl By Any Other Name…Our Latest Perspective on the ITO Spin Jul 20, 2021
Payments: The Checkout Button Wars, 2021 Edition – Featuring BNPL, Shop Pay, and Perennial Powerhouses PayPal, Apple Pay, and Google Pay Jul 16, 2021
Square: Peer Comps, SoTP and DCF – Three Valuation Lenses for Square Jul 9, 2021
Coinbase: Competition, Crypto Fundamentals, a Crypto Cloud and More...Answers to Our Top 20 FAQs (Part 2/2) Jul 8, 2021
Paychex 4Q21: Land and Expand – the Value of Wallet Share Gains Jun 28, 2021
Accenture 3Q21: The Next Big Thing - Accenture’s Investments in Emerging Technologies Jun 25, 2021
FISV, FIS, GPN: When Will the Market Realize These Stocks Are Quality Compounders? Jun 24, 2021
PayPal: The Checkout Button Flexes its Pricing Muscle (For the First Time in 20 Years) Jun 22, 2021
DXC: The Long Pole in the Tent – $1.5 B in FY24 Free Cash Flow Jun 18, 2021
Coinbase: Competition, Crypto Fundamentals, a Crypto Cloud and More...Answers to Our Top 20 FAQs (Part 1/2) Jun 17, 2021
Payments: Faster Growth in ’21 than ’20 (Yes, Really) – Our Latest Proprietary eCommerce Forecast Jun 11, 2021
Payments: A Unicorn 95x – The Basics and Our Perspective on Stripe Jun 8, 2021
Payments, Processors, and IT Services: 1Q21 Roundup – Updated Stock Preferences and Top Sector Themes Jun 2, 2021
DXC 4Q21: Thrice Bitten, How Shy? DXC’s New(est) Three-Year Outlook May 27, 2021
Cognizant: Six Takeaways from our Fireside Chat with Cognizant’s CFO during MN’s 3rd Annual PPI Summit May 27, 2021
Accenture: Seven Takeaways from our Fireside Chat with Accenture’s CTO during MN’s 3rd Annual PPI Summit May 26, 2021
Paychex: Six Takeaways From Our Fireside Chat With Paychex’s CFO During MN’s 3rd Annual PPI Summit May 25, 2021
AXP: Six Takeaways From Our Fireside Chat With the President of Amex’s Global Commercial Services Business May 24, 2021
Fiserv: Six Takeaways From Our Fireside Chat With Fiserv’s CEO During MN’s 3rd Annual PPI Summit May 21, 2021
PayPal: Six Takeaways From Our Fireside Chat With PayPal’s CEO During MN’s 3rd Annual PPI Summit May 20, 2021
Mastercard: Seven Takeaways from our Fireside Chat with Mastercard’s CFO during MN’s 3rd Annual PPI Summit May 19, 2021
Visa: Eight Takeaways from our Fireside Chat with Visa’s CEO during MN’s 3rd Annual PPI Summit May 18, 2021
Coinbase 1Q21: Holy Uncertainty – Our Forecasting Approach for Coinbase May 14, 2021
Square 1Q21: Cash App Business – A Peek into the Power of a Two-Sided Network May 7, 2021
FIS 1Q21: Merchant Solutions and the Mystery of Volumes, Yields, and Mix May 7, 2021
Cognizant 1Q21: Oh, India May 6, 2021
PayPal 1Q21: 54% TPV Growth (ex-eBay) Begs Revisiting the Question – Why Do Merchants Use PayPal Again? May 6, 2021
GPN 1Q21: The Pros and Cons of an Industry-specialized, SMB-focused Merchant Acquirer May 5, 2021
Mastercard 1Q21: Revert or Converge? The Relative Performance of Mastercard and Visa Post-Pandemic Apr 30, 2021
ADP 3Q21: The Recovery Year – Our Outlook for ADP’s Performance in FY22 Apr 29, 2021
Fiserv 1Q21: Fiserv’s Secret Weapon – Distribution Apr 28, 2021
Visa 2Q21: Debit, Debit, Everywhere Apr 28, 2021
AXP 1Q21: A Beacon of Light in the U.S. Apr 26, 2021
Payments: The Future of Merchant Acquiring, Part 3/3 – Implications for FISV, FIS, GPN, PYPL, SQ, Adyen, Stripe Apr 22, 2021
IBM 1Q21: First Among Equals – A Deep Dive into Cloud & Cognitive Software Apr 20, 2021
COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600 - in 45 slides Apr 19, 2021
COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600 Apr 13, 2021
Paychex 3Q21: A Path to Share Gains Emerges Apr 7, 2021
Payments: The Future of Merchant Acquiring, Part 2/3 – Our Five-Year Industry Outlook Mar 31, 2021
V, MA: The DoJ Investigation – What You Need to Know, Our Perspective, and Broader Implications Mar 26, 2021
Visa: The Department of Justice Investigation – Our Preliminary Perspective Mar 19, 2021
Accenture 2Q21: International Expansion – The Next Growth Frontier Mar 19, 2021
Payments: The Future of Merchant Acquiring, Part 1/3 – State of the Industry, Factors that Matter Mar 18, 2021
Payments: That Is One Big-Ass Stimulus Bill –Implications for Our Companies Mar 11, 2021
V, MA: From Bitcoin to BNPL, Big Tech, and Big Government – Our View on the Risks Mar 9, 2021
Square: The Bull Thesis from Here Mar 3, 2021
Payments, Processors, and IT Services: 4Q20 Roundup – Updated Stock Preferences and Top Sector Themes Feb 25, 2021
Square 4Q20: Bonus Points – The Remarkable Profitability of Cash App Feb 24, 2021
Payments: Debit – No Stopping Me Now Feb 19, 2021
PYPL, MA: Is PayPal Worth More than Mastercard? Feb 12, 2021
Fiserv 4Q20: What Will Make the Deal Stocks Work Again? Part 3: International Expansion Feb 10, 2021
FIS 4Q20: What Will Make the Deal Stocks Work Again? Part 2: Dispelling the eComm Bears Feb 10, 2021
GPN 4Q20: What Will Make the Deal Stocks Work Again? Part 1: The SMB Recovery Feb 9, 2021
FIS: Model Update to Reflect Latest Macroeconomic Conditions Feb 8, 2021
DXC 3Q21: First Atos, Next IBM NewCo? Our Perspective on the Merger Question Feb 5, 2021
Cognizant: Pedantic, Perhaps, But Oh So Valuable – The Upside to Cognizant’s Free Cash Flow Feb 4, 2021
PayPal 4Q20: Expanding ARPU from $70 to ??? – The Next Major Growth Driver for PayPal Feb 4, 2021
Mastercard 4Q20: Enormous, Yet Elusive – Mastercard’s Expansion into B2B Payments Jan 29, 2021
Visa 1Q21: Have We Mentioned How Much We Love Visa Direct? Jan 29, 2021
ADP 2Q21: Cautious Optimism - The Promise of a Labor Recovery Jan 28, 2021
AXP 4Q20: Wanderlust Jan 27, 2021
IBM 4Q20: The Slippery Slope of Declining Free Cash Flow (and a Hefty Dividend) Jan 22, 2021
PayPal: The Boon of Bitcoin and BNPL – Raising TP to $300 Jan 15, 2021
Visa – Plaid: Unsurprising, but Disappointing Jan 13, 2021
The Atos Bid – If “More Than $10 B” Means $11.5-$12 B, That Could Be Interesting Jan 8, 2021
Payments, Processors, and IT Services 2021: No Rest For the Weary Jan 6, 2021
Paychex 2Q21: A Gem Regains Its Luster – Our Outlook for the PEO Dec 24, 2020
Payments, Processors, and IT Services: As we close the door on 2020, and open the door on 2021… Dec 22, 2020
Accenture 1Q21: Remind Me Again, What Exactly Do They Do? (And Why Is It Good?) Dec 18, 2020
Visa: Visa Direct, Cryptocurrencies, the Travel Recovery, Europe, and More – A Discussion with Visa’s President and CFO Dec 16, 2020
Fiserv: Now All They Have to Do is Do It Dec 9, 2020
AXP: Per Angusta Ad Augusta - Initiating Coverage of American Express at Buy, TP = $155 Dec 7, 2020
DXC: Why Join DXC? And A Deep Dive into DXC’s Competitive Position as Enterprises Transition to Cloud – A Discussion with DXC’s New CIO Dec 4, 2020
Paychex: Bookings, Competition, New Payments Offerings, and the Recent Virus Surge – A Discussion with Paychex’s CEO and CFO Dec 3, 2020
PayPal: Wallet Re-design, Buy-Now-Pay-Later, Cryptocurrencies, and More – A Discussion with PayPal’s CEO Dec 2, 2020
Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 - in 30 slides Nov 24, 2020
Fiserv: The Reports of My Death Are Greatly Exaggerated - Upgrading to Buy, TP = $145 Nov 19, 2020
ADP: Competition During COVID-19, Bookings, Lifion, and More – A Discussion with ADP’s CEO and CFO Nov 17, 2020
Cognizant: M&A, Pricing, FCF, Cultural Change and More – a Discussion with Cognizant’s New CFO Nov 13, 2020
Accenture: Digital Everything – A Discussion with the Head of Accenture’s Industry X Practice Nov 12, 2020
Payments, Processors, and IT Services: 3Q20 Roundup – Updated Stock Preferences and Top Sector Themes Nov 11, 2020
DXC 2Q21: A Moment We Have All Been Waiting For Nov 6, 2020
Square 3Q20: The Seller Revival Nov 6, 2020
Cognizant 3Q20: Why Are Bookings Growing 15%, Yet Revenues Are Still Flat? Nov 3, 2020
PayPal 3Q20: Prognosticating 2021 Nov 3, 2020
FIS 3Q20: Racking and Stacking the Deal Stocks, Part 1 Oct 30, 2020
GPN 3Q20: Racking and Stacking the Deal Stocks, Part 2 Oct 30, 2020
ADP 1Q21: Shaking Off the Bears Oct 29, 2020
MA 3Q20: Flatlined Oct 29, 2020
Visa 4Q20: Delayed Gratification Oct 29, 2020
Fiserv 3Q20: The Path Out of Purgatory Oct 28, 2020
Payments, Processors, and IT Services: Biden and the Democrats – Implications for our Sector Oct 26, 2020
IBM 3Q20: Tantalizing, Yet Elusive: The Mid-Single Digit Revenue Growth Target Oct 20, 2020
Payments: Digital Wallet Wars in the COVID-19 Era – New 1000+ Respondent Consumer Survey Oct 19, 2020
Payments: The Land of Opportunity – Spotlight on SMBs Oct 15, 2020
IBM, DXC: IBM’s Managed Infrastructure Services Spin – A Healthy (If Arduous) Divorce Oct 9, 2020
Paychex 1Q21: Gaining Share in a Fragile Market Oct 7, 2020
ADP, PAYX: The Road to Recovery Oct 2, 2020
Accenture 4Q20: Feels Like 1973 All Over Again Sep 25, 2020
Payments, Processors, and IT Services: Better, or Worse (Than Expected)? A Mid-Quarter Check-in on the COVID-19 Recovery Sep 23, 2020
V, MA: Oh, The Places You’ll Go! A Deep Dive Into the Recovery of Travel Sep 18, 2020
Payments: Mastercard Deep Dive and Perspective on Mastercard vs. Visa Sep 17, 2020
FIS, FISV: Bank Processing Is Accelerating, but Unfortunately Probably Won’t Make the Stocks Work Sep 10, 2020
Payments: The Ant Group IPO – Threats, Opportunities and Implications for V, MA, PYPL, SQ, FIS, FISV and GPN Sep 8, 2020
Payments: WhatsApp Payments, Apple Pay Antitrust Rumblings, a New EU Network, and More – What Else Has Been Happening in Payments Aug 21, 2020
Visa: A Deep Dive – The Bull Thesis in 30 Slides Aug 19, 2020
Payments, Processors, and IT Services: 2Q20 Roundup – Updated Stock Preferences and Top Sector Themes Aug 13, 2020
DXC 1Q’21: Is That A Light At the End of the Tunnel? Aug 7, 2020
Square 2Q20: How’d They Do That? Aug 6, 2020
FISV 2Q20: How Are the Merchant Acquirers Faring Through the Pandemic? Aug 6, 2020
FIS 2Q20: A Large Market and an Advantaged Competitive Position - Is Acceleration in Banking Solutions Enough for the Stock to Work? Aug 5, 2020
GPN 2Q20: What to Make of the New AWS Partnership (and a Mini-Primer on Issuer Processing) Aug 4, 2020
Cognizant 2Q’20: How Excited Should We Be About 14% Bookings Growth? Aug 3, 2020
Mastercard 2Q20: The Signs That People Are, In Fact, Avoiding Cash Jul 31, 2020
ADP 4Q20: Will the Near-Term Pain Translate to Long-Term Gain? Jul 30, 2020
PayPal 2Q20: How About 25% Growth in Core Checkout Again in 2021? We Think Yes. Jul 30, 2020
Visa 3Q20: Top Pick as Faster Cash Displacement and Visa Direct Accelerate Volume Growth to 15% in FY21 Jul 29, 2020
Payments: The Pandemic Rattles the Foundation of the Bull Thesis – Our New 5-Year Industry Forecast Jul 23, 2020
IBM 2Q20: Shaking off the Pandemic Nicely, But Kinda Wish The Really Profitable, Really Important Stuff was Doing a Bit Better Jul 21, 2020
Payments, Processors, and IT Services: Attractive Valuations, Updated Stock Picks, the New Normal – a Two-Year Anniversary Blog Jul 17, 2020
ACN, IBM, DXC, CTSH, FIS, FISV: New CIO Survey Results Indicate Unexpected Resilience of Enterprise IT Spending During the COVID-19 Crisis Jul 16, 2020
Payments: Beyond eCommerce, Contactless, and Digital Banks – Ten Other Repercussions of the Pandemic Jul 10, 2020
Paychex 4Q20: Unfortunately, It Is The Economy, Stupid Jul 8, 2020
Square: The Digital Bank Dream - A Deep Dive into Square’s Cash App; Raising TP to $120 Jul 1, 2020
Accenture 3Q20: Digital/Cloud Shift – 1, Macroeconomic Environment – 0 Jun 26, 2020
Payments: Takeaways from Discussions with the CFOs of American Express and Discover during MN’s PPI Summit Jun 22, 2020
DXC: Six Takeaways from our Fireside Chat with DXC’s CEO during MN’s 2nd Annual PPI Summit Jun 18, 2020
Cognizant: Five Takeaways from our Fireside Chat with Cognizant’s CEO during MN’s 2nd Annual PPI Summit Jun 18, 2020
Paychex: Six Takeaways from our Fireside Chat with Paychex’s CEO & CFO during MN’s PPI Summit Jun 16, 2020
Mastercard: Takeaways from Discussions with Mastercard’s President, NA, at MN’s 2nd PPI Summit Jun 12, 2020
Visa: Six Takeaways from our Fireside Chat with Visa’s CFO during MN’s 2nd Annual PPI Summit Jun 11, 2020
PayPal: Five Takeaways from our Fireside Chat with PayPal’s CEO during MN’s 2nd Annual PPI Summit Jun 10, 2020
New eCommerce Forecast and Checkout Button Data, Plus Highlights from our 2nd Annual PPI Summit (in 50 Slides) Jun 8, 2020
DXC 4Q’20: Running the Gauntlet May 29, 2020
Payments: Checking In On The Checkout Button Wars – Will PayPal Keep Winning? May 28, 2020
Payments: From Tidal Wave to Tsunami – Our Proprietary eCommerce Forecast, Updated for COVID-19 May 22, 2020
Paychex COVID-19 Update: Green Shoots on Scorched Earth May 20, 2020
Payments, Processors, and IT Services: 1Q20 Roundup - Top Sector Themes and Updated Stock Preferences May 14, 2020
FISV 1Q20: Rays of Hope (and a New CEO) May 11, 2020
Cognizant 1Q’20: Are We There Yet? May 11, 2020
FIS 1Q20: The Value of Diversification May 8, 2020
Square 1Q20: In Sickness and In Health May 8, 2020
GPN 1Q20: Global Payments Will Be Fine, but This Recovery is Looking Slow and Painful May 7, 2020
PayPal 1Q20: God Bless the Checkout Button May 7, 2020
ADP 3Q20: Could Have Been Worse May 1, 2020
Visa 2Q20: Adjusting to the New Normal May 1, 2020
MA 1Q20: Terrible, Terrific, and Everything in Between Apr 30, 2020
IT Services, HR Processors: Incorporating COVID-19 – Our Revised 3-yr Forecasts and Stock Preferences Apr 27, 2020
IBM 1Q20: COVID-19 + New CEO + Red Hat = ? Apr 21, 2020
Payments: Impacts of COVID-19 on the Payments Sector (in 15 Slides) Apr 20, 2020
FIS, FISV, GPN: COVID-19 Resilient, But Theses On Hold Apr 16, 2020
Payments: How COVID-19 Might Change Us (Or Payments, At Least) Forever Apr 13, 2020
Payments, Processors, and IT Services: Three-Week Checkup – What We Know So Far About the Impact of COVID-19 Apr 9, 2020
PayPal: Not Immune to COVID-19, But Better Off Than Most – Will They Capitalize? Apr 8, 2020
V, MA: New Three-Year Outlook – Consumer Spending Worse than Expected, But V & MA Can Withstand It Apr 2, 2020
Paychex 3Q20: The Oracle of Small Business U.S.A. Mar 27, 2020
Square: Down But Not Out Mar 26, 2020
Accenture 2Q20: A First Glimpse at the COVID-19 Impact Mar 20, 2020
Payments, Processors, and IT Services: When Resilience Matters – Who Can Withstand the COVID-19 Shock? Mar 18, 2020
DXC: Messy – Yes, But Not That Messy – Upgrading to Buy, TP = $30 Mar 12, 2020
PayPal: A Deep Dive - The Bull Thesis in 20 Charts Mar 6, 2020
Visa and Mastercard: This Too Shall Pass. Now is the Time to Buy Mar 4, 2020
Square 4Q19: Square’s Slew of Suitors (aka the Other Reason to Be Bullish) Feb 27, 2020
MA: The Blessings, Curses, and Potential Legacies of Michael Miebach, Mastercard’s New CEO Feb 25, 2020
IBM: Dear Mr. Krishna, Six Actions We are Watching For Feb 24, 2020
FIS 4Q19: Moving Fast for the Long Term Feb 14, 2020
Visa: The Case for 12+% Revenue Growth Feb 14, 2020
Global Payments 4Q19: The Next Catalyst – Re-Visiting the M&A Chessboard Feb 13, 2020
ADP Innovation Day: Good Now, (Hopefully) Great Later Feb 11, 2020
GPN: Model update to reflect revised segment reporting structure and non-GAAP reporting methodology Feb 10, 2020
DXC 3Q20: The Touchstone – FY22 Free Cash Flow Feb 7, 2020
Cognizant 4Q19: The Reacceleration of Revenue Growth – Bull vs. Bear Feb 6, 2020
Fiserv 4Q19: Hard to Please Feb 5, 2020
Visa 1Q20: Looking for Something to Get Excited About? Try Visa Direct Jan 31, 2020
PayPal 4Q19: Cleans Up Good Jan 30, 2020
Mastercard 4Q19: Can Mastercard Do a 15+% Revenue Growth Three-Peat? Jan 30, 2020
ADP 2Q20: Soft Bookings and PEO WSEs, Strong Retention – How Doable is the Second Half of 2020? Jan 30, 2020
IT Services & Processors 2020: Hurry Up and Wait Jan 29, 2020
PayPal + UnionPay: Inching Along in the Right Direction Jan 24, 2020
IBM 4Q19: The More Things Change, the More They Stay the Same Jan 22, 2020
IT Services: New CIO Survey Results Point to Stable IT Spending Outlook and Maturation of Cloud-Digital trend Jan 21, 2020
Visa + Plaid: A Rare Beast Jan 16, 2020
Payments 2020: Fistfights on a Freight Train Jan 14, 2020
Payments, Processors, and IT Services: Our Recent Downgrades of FIS, FISV, ACN, and ADP in 40 Slides Jan 10, 2020
Payments, Processors, and IT Services: Taking a Breather - Downgrading FIS, FISV, ACN, and ADP Jan 7, 2020
Accenture 1Q20: Simple Ain’t Easy – Forecasting Accenture’s Revenue Growth Dec 20, 2019
Payments, Processors, and IT Services: As we close the door on 2019, and open the door on 2020... Dec 20, 2019
Square: GPV Growth, PoS Innovations, Direct Deposit – Takeaways From Meetings with Square’s CFO Dec 19, 2019
Paychex 2Q20: Defying Sluggish Employment Growth, Management Solutions Growth Creeps Above 5% Dec 19, 2019
Visa: RTP Strategy, New Payment Flows, Other Growth Horizons – Takeaways From Meetings with Visa’s CFO Dec 18, 2019
PayPal: Growing Scale and Engagement – Takeaways From Breakfast with PayPal’s CEO Dec 16, 2019
Payments: Top Trends and Recent Developments in 30 Slides Dec 11, 2019
GPN, FISV, FIS: Issuer Processing – The Wingman Dec 9, 2019
Paychex: Building the New Paychex – Takeaways from Lunch with Paychex’s CEO, CFO, and Product Executives Dec 4, 2019
Payments: Big Tech, Neobanks, and Many More – Top Trends and Recent Developments in Payments Nov 25, 2019
PayPal + Honey: You Can Catch More Flies… Nov 21, 2019
Accenture: Digital at Scale – Takeaways from Breakfast with Accenture’s New CEO Nov 20, 2019
Payments, Processors, and IT Services: 3Q19 Roundup - Top Sector Themes and Updated Stock Preferences Nov 15, 2019
FB, PYPL, Square: Facebook Pay – Good for Facebook, Good and Could Be Better for PayPal, Non-Event for Square Nov 13, 2019
DXC 2Q20: Those Stubborn, Exasperating, Declining Revenues Nov 12, 2019
Cognizant: “Evolve, Not Fix” – Takeaways from Lunch with Cognizant’s CEO & CFO Nov 11, 2019
Visa, Mastercard: De-Risking the Chinese Giants – The Networks Strike New Partnerships with Alipay and WeChat Pay - November 11, 2019 Nov 11, 2019
Square 3Q19: A Little Painful to Get There, But So… Much… Better Nov 7, 2019
Fiserv 3Q19: Nope, Not a Typo – Merchant Acquiring is Growing 10% Nov 7, 2019
FIS 3Q19: The All-Around Athlete in eComm Nov 6, 2019
Square: Deliver-ance – Square Completes the Sale of Caviar to DoorDash - November 4, 2019 Nov 4, 2019
GPN 3Q19: A Peek Around the Corner at the New Global Payments Nov 1, 2019
Giving Apple Some Credit: The Apple Card, and What It Means for Verizon and AT&T - November 1, 2019 Nov 1, 2019
ADP 1Q20: Market-related or Idiosyncratic? Predicting Performance of the PEO Oct 31, 2019
Mastercard 3Q19: Navigating eCommerce – the Atropa Belladonna of Payments Oct 30, 2019
Visa 4Q19: “A Digital Wallet By Any Other Name…” Visa’s Strategy to Make Friends with FinTechs Oct 25, 2019
PayPal 3Q19: Yes, It is (Really, Finally) Happening - An Investor’s Guide to the eBay Roll-off Oct 24, 2019
Payments: One More Reason for PayPal to Diversify – ‘Click to Pay’ (the Unified Checkout Button) Launches Oct 22, 2019
IBM 3Q19: Underwhelming and Complicated. Looking Ahead…A Scorecard for IBM’s Success in 2020 Oct 17, 2019
ADP, PAYX: In a World of Tech-Enabled HR Services, Do ADP & Paychex Win or Lose? Oct 15, 2019
Payments: eCommerce Deep Dive in 30 Slides Oct 11, 2019
DXC: Hitting the Reset Button... At What Point Does it Become an Attractive Investment? Oct 8, 2019
Paychex 1Q20: Strikingly Sunny Skies…Do They Stay Sunny Through a Macro Downturn? Oct 3, 2019
Payments: The Tidal Wave – Our Proprietary eCommerce Forecast and Implications for the Payments Sector Oct 2, 2019
The Libra Litmus Test – Can Facebook Keep Visa, Mastercard, and PayPal on Board? - October 2, 2019 Oct 2, 2019
Accenture 4Q19: The Final Worry – Macroeconomic Exposure Sep 27, 2019
V, MA, FIS, FISV: B2B Payments – Big? Yes. Lots of Inertia? Double-Yes. And in Need of a Leader. Sep 26, 2019
ADP: The Long-Term Bull Case – ADP’s Unheralded Technology Leadership (Yes, Really) Sep 23, 2019
MA: Laying the Foundation for the Next 20 Years – Mastercard’s Expansion into New Payment Flows Sep 18, 2019
New Global Payments – Completing the Trifecta Sep 18, 2019
PYPL: The Bumpy Road to Greener Pastures - Navigating PayPal in 2020 Sep 16, 2019
Payments, Processors, & IT Services: Fall 2019 Sector Outlook (in 50 charts) Sep 9, 2019
Square: A Deep Dive – The Bull Thesis in 30 Slides Sep 5, 2019
SQ: Bye-bye Caviar, Hello Cash App. Upgrading to Buy Sep 3, 2019
The Incongruous Apple Card - most concerning to PayPal, Square, and...AT&T/Verizon? Aug 21, 2019
Payments, Processors, and IT Services: 2Q19 Roundup - Top Sector Themes and Updated Stock Preferences Aug 19, 2019
DXC 1Q20: Plan B Just Got More Urgent. Can They Sell the Whole Damn Thing? Aug 9, 2019
IBM: The Red Hat Strategy and Numbers Are In. Meanwhile, Cloud Growth is Decelerating. Now What? Aug 8, 2019
FIS 2Q19: Off to the Races Aug 7, 2019
Cognizant 2Q19: Dear Brian, Six Metrics We Think Really Matter for Cognizant Aug 2, 2019
Square 2Q19: Wherefore Art Thou, Cash App? Aug 2, 2019
ADP 4Q19: Seventy Down, A Few More to Go Aug 1, 2019
Mastercard 2Q19: A New Partner Every Three Days Jul 31, 2019
Global Payments 2Q19: Hurry Up and Wait Jul 31, 2019
New FIS – Another New Journey Begins - July 31, 2019 Jul 31, 2019
New Fiserv – The Journey Begins - 07.29.2019 Jul 29, 2019
Fiserv, First Data 2Q19: The Pre-Party Jul 26, 2019
PayPal 2Q19: $10 B Burning a Hole in the Corporate Pocket – Who PayPal Might Buy Next Jul 25, 2019
Visa 3Q19: The Other Third Anniversary – Visa’s Long Road Ahead in Europe Jul 24, 2019
IBM 2Q19: Just. In. Time. Red Hat Enters, as Cloud Growth Sputters Jul 18, 2019
FB, V, MA, PYPL: Libra, Libra, Libra – Answers to Your Top 25 FAQs Jul 16, 2019
GPN + TSYS: The New Global Payments – “Third is the one with the…?” Jul 12, 2019
SQ, PYPL: Is it Worth 40% of Valuation? A Deep Dive into Square’s Cash App Jul 8, 2019
ACN 3Q19: 31 Deals in 18 Months - Spotlight on M&A Jun 28, 2019
Paychex 4Q19: Unriddling the PEO Jun 27, 2019
Payments: Digital Wallet Wars Escalate – New 1000+ Respondent Consumer Survey on Usage of 14 Wallets Jun 20, 2019
FB, V, MA, PYPL: Libra Unveiled – Big Day for Crypto, Nice-To-Have for FB, Important Experiment for Payments Jun 19, 2019
Payments: Takeaways from Discussions with Stripe, REPAY, and Marqeta at MN's PPI Summit Jun 14, 2019
Payments: Takeaways from Discussions with the CEOs of American Express and Discover at MN's PPI Summit Jun 12, 2019
IT Services: Takeaways from Conversations with Cognizant's CFO and CGI's CEO at MN's PPI Summit Jun 11, 2019
Paychex: Four Takeaways from our Fireside Chat with Paychex’s CFO during MN’s PPI Summit Jun 10, 2019
Mastercard: Takeaways from Discussions with Mastercard’s President, NA at MN’s PPI Summit Jun 6, 2019
Visa: Takeaways from Discussions with Visa’s CEO at MoffettNathanson's PPI Summit Jun 6, 2019
PayPal: Six Takeaways from Discussions with PayPal’s CEO during MN’s PPI Summit Jun 5, 2019
Global Payments + TSYS: A Positive (and Necessary) Stepping Stone May 29, 2019
DXC 4Q19: Time for Plan B, Part 2… Sell IP & BPS, Buy More Digital? May 24, 2019
FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv May 21, 2019
Payments, Processors, and IT Services: 1Q19 Roundup - Top Sector Themes and Updated Stock Preferences May 14, 2019
FB, V, MA, PYPL: Facebook’s Cryptocurrency Project Libra – How it Could Matter May 10, 2019
ADP: A Deep Dive - The Bull Thesis in 20 Slides May 9, 2019
IBM: A Deep Dive – The Bear Thesis in 20 Slides May 9, 2019
Cognizant 1Q19: Gravity Prevails, Just as a New CEO Enters. Now What? May 8, 2019
Global Payments 1Q19: Who Might They Buy Next? May 6, 2019
Worldpay 1Q19: Dear FIS, There’s Upside to Standalone Worldpay (In Addition to the Revenue Synergies) May 3, 2019
ADP 3Q19: Resilient May 2, 2019
Square 1Q19: Demystifying Subscription & Services May 2, 2019
FDC 1Q19: Fiserv, Please Handle With Care May 1, 2019
Mastercard 1Q19: Investing for the Future – A Peek Into the Next Horizon of Growth May 1, 2019
FISV-FDC and FIS-WP: Is the Answer Always 4%? Our Financial Technology Services Market Forecast Apr 29, 2019
Visa 2Q19: Teflon Apr 25, 2019
PayPal 1Q19: Climbing the Tree Apr 25, 2019
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
FB & PYPL Partner for Instagram Checkout - March 19, 2019 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
FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data Feb 7, 2019
Cognizant 4Q18: Seeing Some Green Shoots, Raising Target Price to $80 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
PYPL 4Q18: TPV Growth – Primus inter pares B Jan 31, 2019
ADP 2Q19: How Do All the Lines Point Up? Deciphering Market Shares in HR Services Jan 31, 2019
IBM 4Q18: Pushing On a String Jan 23, 2019
First Data + Fiserv: Why Fiserv Investors Just Got a Really Good Deal Jan 16, 2019
IT Services and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B 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
Visa, Mastercard: The EC Cross-Border Interchange Settlement - We’ll Take It Dec 4, 2018
V, MA, PYPL: The Payments MVP’s, Part 2. 'V' = Visa – The Bull Thesis in 20 Slides 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