New Street Research - PayPal Holdings Inc (PYPL) PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

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New Street Research

Soomit Datta

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PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

Apple yesterday announced the launch of a number of additional features to Apple Pay, including BNPL/instalment plans, rewards/incentives and access to third party browsers. Apple Pay is something we addressed for PayPal in our initiation, PayPal - Life in the Fast Lane, and PayPal’s personalisation efforts on Branded – as highlighted again yesterday at an investor conference by CFO Jamie Miller – remain hard for Apple to match as a pass-through wallet.

12/06/2024 1 EN

Underlying

PayPal Holdings Inc

PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.

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US70450Y1038 NASDAQ Stock Market United States

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New Street Research

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Analysts

Soomit Datta

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We spoke to PayPal today for a broader Q3 wrap but specifically also to focus on Pillar Two, given this tax angle is the current topic du jour (and following Mastercard’s guide last week) and given market whispers that 10% of PayPal EPS could be at risk from FY 25. Such extreme estimates seem a stretch.

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PayPal reported solid Q3s, coming in ahead of expectations: 4% at transaction margin $ and 11% at non-GAAP EPS. FY guidance for 2024 was lifted, and consensus will move up, although less so for Q4 once higher higher investment costs are factored in.

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PYPL US (Buy, TP: $80, +23%) PayPal - Apple Pay features update: Implications / First Read

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

Money 20/20 USA - Key takeaways

PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25; model update

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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