Strong start to the year
Amex beat consensus revenue and EPS estimates by 2% and 9% respectively, with EPS a penny ahead of our Street-high forecast. The macro environment looks supportive and billings accelerated in the quarter. There continues to be pressure on the discount rate, provisions and marketing and rewards expenses. But overall we believe both these tailwinds and headwinds should be well understood. We remain Neutral but, given the current momentum, increase our PT to $112, requiring 14x our raised CY19E EPS estimate.American Express is a payments company. The company is engaged in providing credit and charge cards to consumers, small businesses, mid-sized companies and corporations. The company's reportable operating segments are: Global Consumer Services Group, which provides services to consumers, including travel and lifestyle services; Global Commercial Services, which provides payment and expense management services, as weel as commercial financing products; and Global Merchant and Network Services, which operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, and services and data analytics.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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