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Q2 Was Positive for Electronic Transaction Processors, Barrington Says

MT Newswires ·  {{timeTz}}

03 :50 PM EDT, 09/06/2022 (MT Newswires) -- The second quarter was positive for electronic transaction processors under coverage with 26 companies, out of 37 in the group, coming in ahead of consensus estimates and only five below expectations, Barrington Research said in a note on Tuesday.

The analysts said, however, that year-to-date "declines in 2022 and 2023 consensus EPS estimate revisions outnumber increases" and that since the beginning of the year, there have "been 19 downward revisions versus 15 upside revisions based on 2022 EPS estimates" and for "2023 EPS estimates, there have been 22 downward revisions with 10 increases."

Barrington noted that "consolidation continued in the processor space" when on Aug. 1 Global Payments (GPN) said that it will buy EVO Payments (EVOP) in an all-cash deal at $34 per share.

The analysts also said that since the start of 2022, the "average P/E multiples based on consensus earnings for 2022 and 2023 declined to 17.6x and 14.1x, from 21.8x and 16.4x, respectively."

The investment bank said that Bread Financial (BFH), Paysafe (PSFE), Western Union (WU) and Green Dot (GDOT) are "the least expensive stocks based on 2022 and/or 2023 P/E ratios."

In the sector, Barrington has outperform ratings on Paysign (PAYS) and Cantaloupe (CTLP).

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