Q2 beat, adding another software business
Q2 saw double digit organic growth across GPN's markets, with revenue beating by 1% driven by North America and Europe. Most of the top line beat fell through to higher operating income, with the adjusted op margin 60bp ahead of consensus. Adjusted EPS came in 7c ahead, ~4c due to op income. CY18 EPS guidance was increased at the lower end and we expect estimates to pass through the beat but H2 to be little changed. GPN also announced a $700m acquisition of a healthcare SaaS business, which seems an unsurprising deal given the company's strategy and track record.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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