PAGS US (Buy, TP: $17, +42%) STNE US (Neutral, $15, +10%) Brazilian Q1 Payments TPV: Cielo share loss set to be PagSeguro and StoneCo's gain
ABECS released Q1 market TPV growth for Brazil at the end of last week. Growth of 10.7% y/y was a touch lower than the prior quarter (11.8%) but, following weak TPV reported by Cielo recently, will calm fears of broader market weakness. On the contrary, Cielo’s behaviour is more rational, re-pricing part of its book in March, and we continue to see a more benign payments market in Brazil, as well as share gains coming through for PagSeguro and StoneCo. Ahead of StoneCo's results on Weds (5/17) we highlight recent trends in a quick one-pager.
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