Accounts and Volume Up at PayPal, but Competition From Banks and Other Payment Providers Looms
Narrow-moat PayPal continued to grow at a breakneck pace in the fourth quarter of 2017--total payment volume grew by 32% from the fourth quarter of 2016, with revenue expanding by 26% over the same period. The company is also adding users (up 15% during the year) and slowly expanding customer usage. However, a few headwinds are appearing on the horizon, and we don’t plan to significantly increase our $56 fair value estimate, which represents 24-25 times management’s guidance for non-GAAP 2018 ea...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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