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Analyst Believes Value Of Core Square Seller, Branded Paypal Checkout, FIS Bank Software Assets 'Undemanding'

Analyst Believes Value Of Core Square Seller, Branded Paypal Checkout, FIS Bank Software Assets 'Undemanding'

分析师认为核心广场卖家、品牌Paypal Checkout、FIS银行软件资产的价值不高
Benzinga Real-time News ·  2022/09/23 14:24
  • KeyBanc analyst Josh Beck ran a SoTP analysis across extensive cap FinTech and walked away the most positive on Block, Inc (NYSE:SQ) (reiterated Overweight, price target $90), PayPal Holdings, Inc (NASDAQ:PYPL) (reiterated Overweight, price target $115), and Fidelity National Information Services, Inc (NYSE:FIS) (reiterated Overweight, price target $115).
  • He believes the value of core Square seller, branded Paypal checkout, and FIS bank software assets are relatively undemanding.
  • At SQ, he ascribes a modest discount across four segments to support his $90 price target, with the majority of the value driven by the Square seller business at 10x EV/GP (versus Toast, Inc (NYSE: TOST) at 11x).
  • For PYPL, he ascribes a mid-teens EV/GP multiple for Venmo and Braintree (versus ADYEN NV (OTC: ADYYF) at 18x), which implies a ~7.5x EV/GP multiple for key value driver branded PayPal.
  • FIS stands out favorably among the processors, with its price target derived primarily from bank software based on multiples similar to public peers across segments.
  • At a portfolio level, he remains selective within his FinTech sector coverage as he continues to see a narrow path of taming inflation without consumer and 2023 outlook disruption.
  • For Visa Inc (NYSE:V) (reiterated Sectorweight, price target NA) and Mastercard Inc (NYSE:MA) (reiterated Sectorweight, price target NA), he looks for macro, regulatory, and new flows & services clarity despite the overall business model and x-border optimism.
  • Price Action: SQ shares traded lower by 0.46% at $55.67 on the last check Friday.
  • KeyBanc分析师乔希·贝克对大盘股金融科技进行了SoTP分析，并放弃了对Block，Inc.(纽约证券交易所代码：SQ)(重申增持，目标价90美元)，贝宝控股公司(纳斯达克：PYPL)(重申增持，目标价115美元)，以及富达国家信息服务公司(纽约证券交易所代码：FIS)(重申增持，目标价115美元)。
  • 他认为，核心Square卖家、品牌贝宝结账和FIS银行软件资产的价值相对较低。
  • 在SQ，他将四个细分市场的适度折扣归因于支持他的90美元目标价，其中大部分价值是Square卖方业务的10倍EV/GP(与吐司公司(纽约证券交易所股票代码：TOST)11倍。
  • 对于PYPL，他认为Venmo和Braintree的电动汽车/GP倍数在十几岁左右(而不是内华达州Adyen(场外交易：ADYYF)为18倍)，这意味着PayPal品牌的关键价值驱动因素的EV/GP倍数为~7.5倍。
  • FIS在处理器中脱颖而出，其目标价主要来自银行软件，其市盈率与各细分市场的上市同行类似。
  • 在投资组合层面，他在金融科技覆盖的行业范围内仍有选择性，因为他继续看到一条在不干扰消费者和2023年前景的情况下抑制通胀的狭窄道路。
  • 为Visa(纽约证券交易所：V)(重申SectorWeight，目标价NA)和万事达(纽约证券交易所股票代码：MA)(重申SectorWeight，目标价NA)，他寻找宏观、监管和新的流动与服务清晰度，尽管整体商业模式和x边界乐观。
  • 价格行动：在上周五的最后一次检查中，新交所股价下跌0.46%，至55.67美元。
声明：本内容仅用作提供资讯及教育之目的，不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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