Q1 beat, CY18 guidance raised
Q1 segment revenue / EBITDA came in 3% / 1% ahead of our estimates. Adjusted EPS was 3c ahead of AE / consensus, although benefited from a lower than expected tax rate. First Data raised CY18 guidance, now seeing adjusted EBITDA growth of 8-10%, 1pp higher than previously. The company increased CY18 adjusted EPS guidance by ~5%, partly due to a lower tax rate. The beat and raise should be well received given low expectations.First Data engages in commerce-enabling technology and solutions for merchants, financial institutions, and card issuers. The company's segments are: Global Business Solutions, which provides retail point-of-sale (POS) merchant acquiring and eCommerce services as well as offerings such as mobile payment services and cloud-based Clover POS operating system; Global Financial Solutions, which provides credit, retail private-label, commercial card as well as licensed financial software systems; and Network & Security Solutions, which provides electronic funds transfer network solutions, debit card processing solutions, stored value network solutions, and security and fraud solutions.
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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