New Street Research - PayPal Holdings Inc (PYPL) PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25; model update

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New Street Research

Soomit Datta

EUR 9195.00 For Business Accounts Only

PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25; model update

PayPal reported solid Q3s, coming in ahead of expectations: 4% at transaction margin $ and 11% at non-GAAP EPS. FY guidance for 2024 was lifted, and consensus will move up, although less so for Q4 once higher higher investment costs are factored in.

30/10/2024 1 EN

Underlying

PayPal Holdings Inc

PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.

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US70450Y1038 NASDAQ Stock Market United States

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New Street Research

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Analysts

Soomit Datta

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PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

We spoke to PayPal today for a broader Q3 wrap but specifically also to focus on Pillar Two, given this tax angle is the current topic du jour (and following Mastercard’s guide last week) and given market whispers that 10% of PayPal EPS could be at risk from FY 25. Such extreme estimates seem a stretch.

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Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.

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Soomit Datta

Soomit Datta

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

EUR 9195.00

9h / 6m 9h / 6m 1 EN

Jonathan Chaplin

Jonathan Chaplin

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In this note we run through a full analysis of BCE’s acquisition of Ziply, and the implications for Frontier. BCE is paying a 55-117% premium to what Verizon is paying for Frontier, for an asset that is very similar. The Ziply transaction will make it harder to Frontier investors to accept $38.50, and easier for Verizon to offer more.

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PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25; model update

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

Money 20/20 USA - Key takeaways

GERMAN ALTNET UPDATE: What will be the key to success?

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

BCE + Ziply: quick thoughts following the call

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