RESEARCH

Research Excerpts	Date
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
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
Mastercard 1Q19: Investing for the Future – A Peek Into the Next Horizon of Growth	May 1, 2019
FDC 1Q19: Fiserv, Please Handle With Care	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
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

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