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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'

分析師認為核心廣場賣家、品牌Paypal Checkout、FIS銀行軟件資產的價值不高
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分析師喬希·貝克對大盤股金融科技進行了SoTP分析，並放棄了對Block，Inc.(紐約證券交易所代碼：SQ)(重申增持，目標價90美元)，貝寶控股公司(納斯達克：PYPL)(重申增持，目標價115美元)，以及富達國家信息服務公司(紐約證券交易所代碼：FIS)(重申增持，目標價115美元)。
  • 他認為，核心Square賣家、品牌貝寶結賬和FIS銀行軟件資產的價值相對較低。
  • 在SQ，他將四個細分市場的適度折扣歸因於支持他的90美元目標價，其中大部分價值是Square賣方業務的10倍EV/GP(與吐司公司(紐約證券交易所股票代碼：TOST)11倍。
  • 對於PYPL，他認為Venmo和Braintree的電動汽車/GP倍數在十幾歲左右(而不是內華達州Adyen(場外交易：ADYYF)為18倍)，這意味着PayPal品牌的關鍵價值驅動因素的EV/GP倍數為~7.5倍。
  • FIS在處理器中脱穎而出，其目標價主要來自銀行軟件，其市盈率與各細分市場的上市同行類似。
  • 在投資組合層面，他在金融科技覆蓋的行業範圍內仍有選擇性，因為他繼續看到一條在不幹擾消費者和2023年前景的情況下抑制通脹的狹窄道路。
  • 為Visa(紐約證券交易所：V)(重申SectorWeight，目標價NA)和萬事達(紐約證券交易所股票代碼：MA)(重申SectorWeight，目標價NA)，他尋找宏觀、監管和新的流動與服務清晰度，儘管整體商業模式和x邊界樂觀。
  • 價格行動：在上週五的最後一次檢查中，新交所股價下跌0.46%，至55.67美元。
声明：本內容僅用作提供資訊及教育之目的，不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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