PAGS US (Buy, TP: $14, +75%) STNE US (Neutral, TP: $16, +60%) NU US (Neutral, TP: $8.1, +10%) Revolving Credit / Rates / Central Bank update: NU and PayCos (PAGS/STNE/MELI)
According to Valor, the Central Bank on Monday in meeting with industry representatives to discuss revolving credit card fees, raised the idea of limiting instalments to x12 (from 18), capping credit card interchange and lowering revolving rates. At the heart of the debate is economic profit generated by higher risk customers who ultimately “shouldn’t” be extended credit (revolvers unable to repay debt).
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