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

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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

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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

PAGS US (BUY, TP: $15, +8%) Q2 24 - Quick Take: Nice beat and (smaller than expected) raise

LatAm Fintech into Q2s: FX, rates and Mexico in focus: MELI/NU/DLO/PAGS/STNE

PagSeguro (Buy, TP: $18, +40%) - Strong Q1s across the board; Expect guide lift at Q2s

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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