Past missteps have left Verifone playing catch-up.
Verifone finished its fiscal 2017 on a relatively strong note, with net revenue rising 2.6% from the fourth quarter of fiscal 2016. Excluding divested businesses--Verifone’s Chinese and taxi segments--management expects low-single-digit growth for fiscal 2018 on an adjusted basis. However, systems (hardware) revenue for the year was down 12.2%, supporting our thesis that the hardware-to-software transition in the payment industry will be an insurmountable headwind for Verifone. Our $15 fair valu...
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