New Street Research - PagSeguro Digital Ltd (PAGS) PAGS US (Neutral, TP: $14, +55%) Pagbank / PagSeguro Q2 Quick Take: Revenue concerns set to linger into Q3

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New Street Research

Soomit Datta

EUR 9190.00 For Business Accounts Only

PAGS US (Neutral, TP: $14, +55%) Pagbank / PagSeguro Q2 Quick Take: Revenue concerns set to linger into Q3

Pagbank (PagSeguro) reported Q2s after close, missing at TPV and revenue (again) but managing to make net income given a better funding mix and a sharp reduction in credit provisions (which won’t be sustained at this level we assume).

25/08/2023 1 EN

Underlying

PagSeguro Digital Ltd

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KYG687071012 New York Stock Exchange Cayman Islands

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New Street Research

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Analysts

Soomit Datta

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PAGS US (Neutral, TP: $14, +55%) Pagbank / PagSeguro Q2 Quick Take: Revenue concerns set to linger into Q3

STNE US (Neutral, TP: $20, +20%) StoneCo Q1s - Pretty solid underlying; higher SELIC the main headwind

PAGS US (Buy, TP: $18, +25%) STNE US (Neutral, TP: $17, +0%) PagSeguro: UPGRADE - Back to Buy on fundamentals; dusting down the M&A

PAGS US (Neutral, TP: $15, +9%) PagSeguro - Solid Q4s and guide, though operational leverage more limited

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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