reports
- Soomit Datta
SQ US (Neutral, TP: $70, -5%) Block Q3 24 - Solid quarter, signs of Sq...
Block is slowly fixing operational issues at Square which should enable a more balanced 2-sided ecosystem with Cash App. We saw stable GPV growth in Q3 (8% y/y) but better momentum through the quarter and into October (double digit).
Block Inc: 3 directors
Three Directors at Block Inc sold after exercising options/sold 12,554 shares at between 64.390USD and 65.410USD. The significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the com...
- Soomit Datta
PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral,...
We continue our series of Deep dives into Payments (see previous: Unified Commerce, and Rise of the Merchants) with a look at Real Time Payment (RTP) developments. Adoption has been rapid on a global basis, notably at the consumer level in markets like Brazil, though is a significant laggard in the US. Momentum here is, however, slowly building through FedNow (launched only in 2023) with banks/FIs stalling, but with consumer demand we think high and with a Visa/Mastercard interchange settlement ...
- Soomit Datta
SQ US (Neutral, TP: $70, +15%) Block INITIATION: Spin the Wheels
There’s a path to strategic success for Block and, if anyone can find it, it’s probably returned co-founder Jack Dorsey. He needs to fix operational issues at Square, reversing share losses, and seek out merchant growth. This should enable a more balanced 2-sided ecosystem with Cash App, providing additional utility for consumers. Cash App otherwise risks becoming “just another” wallet. Structural headwinds include: likely instant deposit declines and a more resurgent Venmo.
- Valens Research
- Valens Research
SQ - Valens Credit Report - 2024 06 13
- Credit markets are slightly overstating SQ's credit risk with a YTW of 5.842% relative to an Intrinsic YTW of 5.308% and an Intrinsic CDS of 102bps. Furthermore, Moody's is overstating SQ's fundamental credit risk with its speculative Ba2 credit rating four notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most management members are material owners of SQ equity relative to their annual compensatio...
- Wedbush Research
2454 MEDIATEK INC.
VMW VMWARE INC. CLASS A
QRVO QORVO INC.
SHAK SHAKE SHACK INC. CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WLDN WILLDAN GROUP
WFC WELLS FARGO & COMPANY
WEN WENDY'S COMPANY
WDC WESTERN DIGITAL CORPORATION
TXRH TEXAS ROADHOUSE INC.
SQ SQUARE INC. CLASS A
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RWT REDWOOD TRUST INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
FTNT FORTINET INC.
EXPE EXPEDIA GROUP INC.
CYBR CYBERARK SOFTWARE LTD.
CROX CROCS INC.
AXTI AXT INC.
ARDX ARDELYX INC
WD WALKER & DUNLOP INC.
BJRI BJ'S RESTAURANTS INC.
GRBK GREEN BRICK PARTNERS
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
CELH CELSIUS HOLDINGS INC.
VTR VENTAS INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
PEAK HEALTHPEAK PROPERTIES INC.
SMCI SUPER MICRO COMPUTER
RKT INC.
ABNB ROCKET COMPANIES
ELEV AIRBNB INC. CLASS A
LBPH ELEVATION ONCOLOGY
MRVL LONGBOARD PHARMACEUTICALS
STX MARVELL TECHNOLOGY INC
GFS SEAGATE TECHNOLOGY HLDGS PLC
COIN GLOBALFOUNDRIES INC
DBD COINBASE GLOBAL INC
NCR DIEBOLD NIXDORF INC
NCR NIGERIA
- Moshe Katri
- Spencer Lebov
- Wedbush Research
PEP PEPSICO INC.
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
SQ SQUARE INC. CLASS A
REXR REXFORD INDUSTRIAL REALTY INC.
PYPL PAYPAL HOLDINGS INC
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
ETSY ETSY INC.
KO COCA-COLA COMPANY
KDP KEURIG DR PEPPER INC.
CHWY CHEWY INC. CLASS A
- Moshe Katri
- Spencer Lebov
- Valens Research
SQ - Valens Credit Report - 2024 03 18
Credit markets are overstating SQ's credit risk with a YTW of 5.627% relative to an Intrinsic YTW of 4.740% and an Intrinsic CDS of 65bps. Furthermore, Moody's is overstating SQ's fundamental credit risk with its speculative Ba2 credit rating four notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, most management members are material owners of SQ equity relative to their annual compensation, indicatin...
- Wedbush Research
W WAYFAIR INC.
2454 MEDIATEK INC.
VMW VMWARE INC. CLASS A
DPZ DOMINO'S PIZZA INC.
WDC WESTERN DIGITAL CORPORATION
SQ SQUARE INC. CLASS A
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RWT REDWOOD TRUST INC.
PZZA PAPA JOHN'S INTERNATIONAL INC.
PSTG PURE STORAGE INC. CLASS A
PRGS PROGRESS SOFTWARE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
NCMI NATIONAL CINEMEDIA INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
JCOM J2 GLOBAL INC.
INTC INTEL CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DIN DINE BRANDS GLOBAL INC.
CRM SALESFORCE.COM INC.
CNK CINEMARK HOLDINGS INC.
CHUY CHUY'S HOLDINGS INC.
AXTI AXT INC.
ARDX ARDELYX INC
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CRI CARTER'S INC.
HPE HEWLETT PACKARD ENTERPRISE CO.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
CVNA CARVANA CO. CLASS A
SNBR SLEEP NUMBER CORPORATION
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
AVGO BROADCOM INC.
NICE NICE LTD
DELL DELL TECHNOLOGIES INC CLASS C
COGT COGENT BIOSCIENCES INC
RKT ROCKET COMPANIES
PLTR PALANTIR TECHNOLOGIES
SNOW SNOWFLAKE INC. CLASS A
MRVL MARVELL TECHNOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
CAVA CAVA GROUP INC
VFS BLACK SPADE ACQUISITION CO
- Moshe Katri
- Spencer Lebov
- Wedbush Research
KMX CARMAX INC.
DEI DOUGLAS EMMETT INC
TPH TRI POINTE HOMES INC.
SRPT SAREPTA THERAPEUTICS INC.
SQ SQUARE INC. CLASS A
MNKD MANNKIND CORP.
GPC GENUINE PARTS COMPANY
GLPI GAMING AND LEISURE PROPERTIES INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
AZO AUTOZONE INC.
ABR ARBOR REALTY TRUST INC.
DOOR MASONITE INTERNATIONAL CORP.
ORLY O'REILLY AUTOMOTIVE INC.
UTHR UNITED THERAPEUTICS CORPORATION
CVNA CARVANA CO. CLASS A
LQDA LIQUIDIA CORPORATION
GOSS GOSSAMER BIO
KROS KEROS THERAPEUTICS
AVTE AEROVATE THERAPEUTICS INC
TOST TOAST INC
HR HEALTHCARE TRUST OF AMERICA INC.
EMBRAC B EMBRACER GROUP AB
- Moshe Katri
- Spencer Lebov
- Moshe Katri
- Spencer Lebov
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Emira Sagaama
- Jerôme Bodin
EDEN EDENRED SA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
NEX NEXANS SA
SHA SCHAEFFLER AG
SAVE SAVENCIA SA
MAREL MAREL HF.
NDA AURUBIS AG
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
WLN WORLDLINE SA
ADYEN ADYEN NV
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
BAR BARCO NV
FAST FASTNED
BLV BELIEVE SA
IVG IVECO GROUP
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
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