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

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New Street Research

Soomit Datta

EUR 9337.00 For Business Accounts Only

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

PagSeguro Q1s were well ahead at TPV (7%) and revenue (5%) which largely flowed through to net income (+8%).

24/05/2024 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 (Buy, TP: $18, +25%) STNE US (Neutral, TP: $17, +0%) PagSeguro: UPGRADE - Back to Buy on fundamentals; dusting down the M&A

Having cut to Neutral in Jan-24 after the stock’s strong run into year-end, following strong Q4s (beating at vols, revenue and net income by 4-6%), setting a reassuring 1-year guide (annual guidance for the first time) and following a recent company meeting, we upgrade revenue, gross profit and, ultimately, net income for FY 25-26 by ~ 20%, supported by better market dynamics.

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

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

Tesla 2Q24 Delivery Preview: Demand stabilizing, but no sign of material improvement

PYPL US (Buy, TP: $80, +33%) PayPal: Apple Pay on 3rd-party browser - not "Game Over" for Branded

EM Towers Q1 CY24 review: Better overall; trimmed price targets for Indonesian Towers on consolidation risk

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