Report
Brett Horn
EUR 100.00 For Business Accounts Only

We Like Square, but Not as Much as the Market

We think Square’s unique business model allows the company to reach and retain micro merchants that are not viable for other acquirers. Further, recent results suggest it is having considerable success making a necessary move upstream. We think this, combined with a recent burst in the growth of ancillary services, will allow Square to scale up and achieve solid margins over time. As a result, we have upgraded our moat rating to narrow from none. But we see the company as a niche operator, as op...
Underlying
Global Payments Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Brett Horn

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