New Street: PagSeguro (Buy) - TPV drivers to offset lockdown/macro pressures in FY 21
We have updated estimates for FY results and to reflect some early trends in 2021. Management focus for 2021 is still on top-line growth and with implications for near-term profitability (we’re looking for a dip to 17% net margins in H1).
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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