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

Report

New Street Research

Soomit Datta

EUR 9195.00 For Business Accounts Only

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

Having spent the week discussing Apple Pay’s recent (WWDC) initiatives with investors on the road we draw some firmer conclusions. The short thesis on PYPL since the announcement has focused largely on the 3rd party browser (non-Safari)/non-MacOS launch (rather than the BNPL/rewards/incentives).

24/06/2024 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.

See profile

US70450Y1038 NASDAQ Stock Market United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

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

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.

EUR 9195.00

14h / 54m 14h / 54m 1 EN

New Street Research

Money 20/20 USA - Key takeaways

While still recovering from the whirlwind of information we’re taking an initial crack at summarizing some of the key takeaways from attending the annual Money 20/20 USA jamboree in Las Vegas last week. While the subject of many discussions was quite predictable—did anybody mention AI?— insight came from conversations around ROI considerations for AI, Open banking/finance use cases and compliance, Real-time payments and the ever-present issue of Fraud.

EUR 9195.00

November 4, 2024 November 4, 2024 1 EN

New Street Research

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

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.

EUR 9195.00

October 30, 2024 October 30, 2024 1 EN

Match Group (MTCH, Buy, $54 target) Quick Thoughts Ahead of the Print

Ahead of Wednesday’s PM’s earnings report and Thursday’s AM’s call, we review what to look for in the shareholder letter, listen for on the call, our top questions for management, potential positive and negative catalysts, and key debates, controversies, and popular topics of late, specifically: 1. Can Tinder payers return to year-over-year growth in 4Q24? 2. If so, how much payer growth is being driven by ALC only buyers vs subscribers? 3. Details on the refreshed a la carte offering 4. How long until Hinge hits $1B in revenue and cements itself as MTCH’s second driver? 5. No major changes ex...

EUR 9195.00

1h / 7m 1h / 7m 1 EN

Chris Hoare

Chris Hoare

LY Corp (Buy, TP: ¥585, +38%) Q2 FY24 Quick Take: Upgraded profitability guidance led by Media and PayPay

Q2 numbers reflected improving profitability at PayPay and sustained growth in Media’s Account Ad revenue. Across the board, EBITDA margins were better YoY including Commerce.

EUR 9195.00

2h / 26m 2h / 26m 1 EN

Russell Waller

Russell Waller

Bouygues Telecom Q3 24: Slightly slower SR y/y, better EBITDA y/y; La Poste Mobile deal is on

Bouygues Telecom has reported a slightly better set of Q3 numbers: SR growth is a touch slower y/y but EBITDAaL growth y/y is better, and KPIs are solid. In addition, Bouygues has informed that the differences between SFR and La Poste have been resolved and SFR has waived its pre-emption rights; as such, Bouygues expects the deal to close before the end of the year.

EUR 9195.00

4h / 24m 4h / 24m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

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

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

Match Group (MTCH, Buy, $54 target) Quick Thoughts Ahead of the Print

LY Corp (Buy, TP: ¥585, +38%) Q2 FY24 Quick Take: Upgraded profitability guidance led by Media and PayPay

Bouygues Telecom Q3 24: Slightly slower SR y/y, better EBITDA y/y; La Poste Mobile deal is on

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe