Solid start to the year
PayPal delivered another revenue and EPS beat and raised CY18 guidance, although the pace of growth in new accounts, TPV and revenue slightly decelerated from Q4. A $1.8bn buyback in Q1 was a positive surprise and management is confident the company can deliver margin expansion longer term. Nevertheless, we remain Neutral, seeing the stock as fully valued. Our $84 PT is 9% above the $77 after hours price and requires a 28x non-GAAP PE in a year's time at a 1.5x PEG.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.
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.
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