| Research Excerpts
| Date |
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Fintech: Down But Not Out - Initiating Coverage of the Fintech Sector [EXCERPT]
|
Apr 11, 2022
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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]
|
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]
|
Oct 4, 2018
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“Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector [EXCERPT]
|
Jul 11, 2018
|
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Title
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Date
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Paychex 1Q23: What's Ahead for Paychex's Margins?
|
Sep 29, 2022
|
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SoFi: Eight Takeaways from Our Fireside Chat with SoFi’s CEO During MN’s Digital Banking Immersion Day
|
Sep 28, 2022
|
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DocuSign: Right-sizing for a New World
|
Sep 28, 2022
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CS Disco: Timing of CRO Departure Bad for our Thesis
|
Sep 26, 2022
|
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Accenture 4Q22: The Journey to #1 – Accenture’s Market Share and Business Mix Over the Past Decade
|
Sep 23, 2022
|
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Payments, Fintech: Shielded or Exposed? Assessing Integrated PoS Providers’ Recession Resilience
|
Sep 23, 2022
|
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Intuit: Strength in Any Environment - Initiating with Outperform and $500 Price Target
|
Sep 22, 2022
|
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CS Disco: Leading the Litigation SaaS Pack - Initiating at Outperform, $20 price target
|
Sep 22, 2022
|
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Software: Is It Time to Invest Again?
|
Sep 22, 2022
|
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LegalZoom: What We Can and Can't Control - Initiating Coverage with Underperform and $11 Price Target
|
Sep 22, 2022
|
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DocuSign: It Is a Rebuilding Year – Initiating with Underperform
|
Sep 22, 2022
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DocuSign - New CEO Certainly has the Chops
|
Sep 22, 2022
|
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Collaboration Software Initiation – Attractive Time to Step In
|
Sep 22, 2022
|
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nCino (NCNO): Great Competitive Position but Macro Risks Ahead – Initiating at Market Perform
|
Sep 22, 2022
|
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PGY: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12 – in 30 slides
|
Sep 15, 2022
|
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Payments: The Future of Merchant Acquiring, 2022 Edition, Part 2 – Our Five-Year Industry Outlook and Stock Implications
|
Sep 15, 2022
|
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Payments: How Much Growth is Left? Our Latest 5-Year Industry Forecast
|
Sep 13, 2022
|
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Pagaya: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12
|
Sep 12, 2022
|
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Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes (PRESENTATION)
|
Sep 7, 2022
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Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes
|
Sep 1, 2022
|
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Affirm 4Q22: Crowded Field – Takeaways for Affirm from our Checkout Button Wars Survey
|
Aug 26, 2022
|
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SoFi: Implications of the Student Debt Relief Announcement
|
Aug 24, 2022
|
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Nubank 2Q22: The ARPU Accelerator – A Spotlight on Personal Loans
|
Aug 16, 2022
|
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Toast 2Q22: Sustainability of Hypergrowth
|
Aug 12, 2022
|
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Coinbase 2Q22: Enough Cash to Survive the Winter?
|
Aug 10, 2022
|
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FIS 2Q22: The State of the All-Important Merchant Solutions Business - Market Shares, Yields, Volumes
|
Aug 8, 2022
|
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Block 2Q22: The State of Afterpay (and other BNPL Buttons) in the U.S.
|
Aug 5, 2022
|
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Lightspeed 1Q23: How Much Better (Or Worse) Can Volume Growth Get?
|
Aug 5, 2022
|
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Shift4 2Q22: Reaching for the Stars – How Achievable Is Shift4s Volume Growth Goal?
|
Aug 5, 2022
|
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V, MA: The MindGeek/Pornhub Risk
|
Aug 5, 2022
|
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DXC 1Q23: Yikes, What Happens if Demand Weakens?
|
Aug 4, 2022
|
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PYPL 2Q22: Checkout, Braintree, and Venmo – the PayPal Trinity
|
Aug 3, 2022
|
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SoFi 2Q22: No Student Loans, No Problem
|
Aug 3, 2022
|
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GPN 2Q22: The State of the All-Important Merchant Solutions Business - Market Shares, Yields, Volumes
|
Aug 2, 2022
|
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Mastercard 2Q22: Once More, with Feeling! Cross. Border. Travel.
|
Jul 29, 2022
|
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Cognizant 2Q22: Walking the Tightrope – Navigating the Post-Pandemic Rebound While Preparing for a Slowdown
|
Jul 28, 2022
|
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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
|
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Fiserv 2Q22: The State of the All-Important Merchant Acceptance Business – Market Shares, Yields, Volumes
|
Jul 27, 2022
|
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Visa 3Q22: “We See No Sign of Any Slowdown”
|
Jul 27, 2022
|
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Payments: The Future of Merchant Acquiring, 2022 Edition, Part 1 – Volumes, Yields, Market Shares, Factors that Matter
|
Jul 26, 2022
|
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AXP 2Q22: Amex’s Recession Write-off Risks
|
Jul 25, 2022
|
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V, MA: Better Late Than… – The (Long-Awaited) Recovery in Cross-Border Travel
|
Jul 22, 2022
|
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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
|
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Payments, Processors, and IT Services: Initiation of Coverage
|
Jun 30, 2022
|
|
Processors and Fintech: Initiation of Coverage
|
Jun 30, 2022
|
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Paychex 4Q22: All Eyes On The Macro
|
Jun 30, 2022
|
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Nubank: 60 Million Users – Done; Next Step – ARPU Expansion
|
Jun 16, 2022
|
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Payments: Amazon’s ‘Buy with Prime’ – Disruptive or Dismissible?
|
Jun 16, 2022
|
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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
|
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Payments, Processors, IT Services, Crypto and Fintech: Guns, Germs, and Inflation – Our Updated Stock Picks in the Current Macro Environment
|
May 27, 2022
|
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Payments, Processors, and IT Services: Highlights from MN’s 4th Annual PPI Summit
|
May 26, 2022
|
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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
|
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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
|
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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
|
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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
|
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Mastercard: Identity, Installments, Acceptance, and Open Banking – Our Favs From Investor Day
|
Nov 12, 2021
|
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Coinbase 3Q21: Subscription & Services Is Up 41% QoQ…Time to Learn What It Is
|
Nov 10, 2021
|
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PYPL 3Q21: I Feel Better Than I Look
|
Nov 9, 2021
|
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Square 3Q21: Cash App – Where to From Here?
|
Nov 5, 2021
|
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FIS 3Q21: It Might Be Safe to Come Out From Under Your Desk
|
Nov 5, 2021
|
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DXC 2Q22: Can Revenues Grow? Part 2 – Through the Lens of the Layers of the Enterprise Technology Stack
|
Nov 4, 2021
|
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GPN 3Q21: No News is Bad News
|
Nov 3, 2021
|
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Mastercard 3Q21: Remember the Forest – Cross-Border Travel
|
Oct 29, 2021
|
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Fiserv 3Q21: Can Do No Right
|
Oct 28, 2021
|
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ADP 1Q22: The Investor Day Wish List
|
Oct 28, 2021
|
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Cognizant 3Q21: Three Years, One CEO, One CFO, and One Global Pandemic Later – What We Expect from Cognizant’s Investor Day
|
Oct 28, 2021
|
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Visa 4Q21: It Really Is Mostly About Cross-Border Travel
|
Oct 27, 2021
|
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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
|
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Payments, Processors, and IT Services: 2Q21 Roundup – Updated Stock Preferences and Top Sector Themes
|
Aug 17, 2021
|
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Coinbase 2Q21: The IRS and SEC Are Coming for Crypto – What it Means for Coinbase
|
Aug 11, 2021
|
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DXC 1Q22: Can Revenues Grow?
|
Aug 5, 2021
|
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FIS 2Q21: The Journey Back to 10% Growth in Merchant Solutions
|
Aug 4, 2021
|
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Square + Afterpay: Our Merger Model, Raising TP to $340
|
Aug 4, 2021
|
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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
|
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Mastercard 2Q21: Credit Recovery, International Share Gains = 15% Volume Growth in 2022, 11-12% Beyond
|
Jul 30, 2021
|
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ADP 4Q21: Roll by ADP – Getting In On the Ground Floor
|
Jul 29, 2021
|
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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
|
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Cognizant 2Q21: Attrition – The Debbie Downer
|
Jul 29, 2021
|
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Visa 3Q21: Visa Direct, Europe – Why We Believe in 11% Volume Growth in 2023 and Beyond
|
Jul 28, 2021
|
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Fiserv 2Q21: The Merchant Acquiring Business – A Portrait of a Share Gainer (Or At Least Share Maintainer)
|
Jul 28, 2021
|
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AXP 2Q21: Yes, U.S. Consumers Like to Spend Money
|
Jul 26, 2021
|
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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
|
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Paychex 4Q21: Land and Expand – the Value of Wallet Share Gains
|
Jun 28, 2021
|
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Accenture 3Q21: The Next Big Thing - Accenture’s Investments in Emerging Technologies
|
Jun 25, 2021
|
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FISV, FIS, GPN: When Will the Market Realize These Stocks Are Quality Compounders?
|
Jun 24, 2021
|
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PayPal: The Checkout Button Flexes its Pricing Muscle (For the First Time in 20 Years)
|
Jun 22, 2021
|
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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
|
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Payments: A Unicorn 95x – The Basics and Our Perspective on Stripe
|
Jun 8, 2021
|
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Payments, Processors, and IT Services: 1Q21 Roundup – Updated Stock Preferences and Top Sector Themes
|
Jun 2, 2021
|
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DXC 4Q21: Thrice Bitten, How Shy? DXC’s New(est) Three-Year Outlook
|
May 27, 2021
|
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Cognizant: Six Takeaways from our Fireside Chat with Cognizant’s CFO during MN’s 3rd Annual PPI Summit
|
May 27, 2021
|
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Accenture: Seven Takeaways from our Fireside Chat with Accenture’s CTO during MN’s 3rd Annual PPI Summit
|
May 26, 2021
|
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Paychex: Six Takeaways From Our Fireside Chat With Paychex’s CFO During MN’s 3rd Annual PPI Summit
|
May 25, 2021
|
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AXP: Six Takeaways From Our Fireside Chat With the President of Amex’s Global Commercial Services Business
|
May 24, 2021
|
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Fiserv: Six Takeaways From Our Fireside Chat With Fiserv’s CEO During MN’s 3rd Annual PPI Summit
|
May 21, 2021
|
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PayPal: Six Takeaways From Our Fireside Chat With PayPal’s CEO During MN’s 3rd Annual PPI Summit
|
May 20, 2021
|
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Mastercard: Seven Takeaways from our Fireside Chat with Mastercard’s CFO during MN’s 3rd Annual PPI Summit
|
May 19, 2021
|
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Visa: Eight Takeaways from our Fireside Chat with Visa’s CEO during MN’s 3rd Annual PPI Summit
|
May 18, 2021
|
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Coinbase 1Q21: Holy Uncertainty – Our Forecasting Approach for Coinbase
|
May 14, 2021
|
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Square 1Q21: Cash App Business – A Peek into the Power of a Two-Sided Network
|
May 7, 2021
|
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FIS 1Q21: Merchant Solutions and the Mystery of Volumes, Yields, and Mix
|
May 7, 2021
|
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Cognizant 1Q21: Oh, India
|
May 6, 2021
|
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PayPal 1Q21: 54% TPV Growth (ex-eBay) Begs Revisiting the Question – Why Do Merchants Use PayPal Again?
|
May 6, 2021
|
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GPN 1Q21: The Pros and Cons of an Industry-specialized, SMB-focused Merchant Acquirer
|
May 5, 2021
|
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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
|
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Fiserv 1Q21: Fiserv’s Secret Weapon – Distribution
|
Apr 28, 2021
|
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Visa 2Q21: Debit, Debit, Everywhere
|
Apr 28, 2021
|
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AXP 1Q21: A Beacon of Light in the U.S.
|
Apr 26, 2021
|
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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
|
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COIN: “Be Bloody, Bold, and Resolute” – Initiating Coverage of Coinbase at Buy, TP = $600
|
Apr 13, 2021
|
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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
|
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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
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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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FDC 1Q19: Fiserv, Please Handle With Care
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May 1, 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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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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FDC 4Q18: Dear Fiserv, Five Things To Get Right With First Data
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Feb 7, 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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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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PYPL 4Q18: TPV Growth – Primus inter pares B
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Jan 31, 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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IBM 4Q18: Pushing On a String
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Jan 23, 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 and Processors 2019: For Some, Surprisingly BAU. For Others, All About Plan B
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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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Visa, Mastercard: The EC Cross-Border Interchange Settlement - We’ll Take It
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Dec 4, 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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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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