Model update
We are making minor tweaks to our Global Payments model to update assumptions such as FX rates and business seasonality. Our estimates are broadly unchanged overall, for example the CY18E EPS is reduced by 1c to $5.05. Our Overweight recommendation and $132 price target remain unchanged. The price target requires a 22x non-GAAP PE in a year's time around one turn higher than at present but in line with levels achieved in recent months.Global Payments is a pure play payment technology company providing payments and software solutions to merchants and financial institutions. The company has three segments: Merchant Solutions, which includes authorization services, chargeback resolution, and payment security services; Issuer Solutions, which provides solutions that enable financial institutions and other financial service providers to manage their card portfolios and reduces technical difficulty and overhead on a single platform; and Business and Consumer Solutions, which provides general purpose reloadable prepaid debit and payroll cards, demand deposit accounts and other financial service solutions through its Netspend? brand.
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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