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#	AUTHOR DATE SUBJECT
65	member 8/22/23 8:16PM Greenlight sells
From their 2Q letter: "We exited Global Payments with a -6% IRR after we became uncomfortable with the company’s increasingly large adjustments to reported numbers and an abrupt CEO change." Anyone have any insights here? GPN's... login to read the rest -1 view available tags
64	member 5/01/23 8:07PM Jeff Sloan leaves
Anyone have any added color on Sloan's departure? He tried to crack jokes about it on the call ("Cameron would probably say, 'What took so long?'") and said he'll be "sitting on a beach in... login to read the rest view available tags
63	member 11/08/22 8:28AM Re: Re: Re: Why sells off on every Q? 62
That's more like it 3 view available tags
62	member 11/07/22 12:59PM Re: Re: Why sells off on every Q? 61
insider open market buy/sells view available tags
60	member 10/31/22 11:12AM Why sells off on every Q?
Anyone know why this stock sells off every time they report? Volumes did not lag this Q. 11% constant currency volume growth at GPN, 10% at Visa, 11% at MasterCard. What is the sell-side unhappy 1 view available tags
59	member 9/25/22 3:38PM Re: Re: Re: Silver Lake 57
finn - If an 8% return is correct, I'm kind of not surprised. If you look at the deal table I posted in #47, they paid 17x LTM EBITDA for Blackhawk. The table says the NTM... login to read the rest view available tags
58	member 9/24/22 5:24PM Re: Re: Re: Silver Lake 57
Just saw this interview with Sloan from a few weeks ago. Said some things about Silver Lake he didn't say elsewhere. Sounds like EVO is the start of a B2B M&A spree that SLP will... login to read the rest view available tags
57	member 8/04/22 1:14PM Re: Re: Silver Lake 52
So 25.6% net IRR on SLP IV 2013 fund and 1.80x Net TVPI. If fund life is 8 years, that would be ~8% CAGR on total capital from day 1. Is that math right? Some view available tags
56	member 8/02/22 3:51PM Re: Re: Re: Re: Re: Re: EVO deal 55
Yes, that is very true. view available tags
55	member 8/02/22 3:25PM Re: Re: Re: Re: Re: EVO deal 54
No reason to ask. As I had said Sloan is super competitive and is always trying to position the stock in a light wall street likes. I would just like to point out that there is... login to read the rest 1 view available tags
54	member 8/02/22 1:14PM Re: Re: Re: Re: EVO deal 53
By the way full disclosure we had gone long here. Oh no. When the skeptic goes long, the stock's going lower! I need to reverse and go short. ;) I'm kidding. Yes, the subpar growth in volumes is... login to read the rest 1 view available tags
53	member 8/02/22 10:15AM Re: Re: Re: EVO deal 50
Sure. V/MA had 15% US sequential growth (much more relevant than YOY) much more than GPN. Either way it was a joke-it was always crazy of them to compare to credit. At the end of the day... login to read the rest view available tags
51	member 8/01/22 6:18PM Silver Lake
Is anyone familiar with Silver Lake's track record? -1 view available tags
50	member 8/01/22 5:56PM Re: Re: EVO deal 49
Can you specify what the real bad credit comparison is? view available tags
49	member 8/01/22 4:58PM Re: EVO deal 48
I don't know about their 2023 estimates and it probably assumes a lot of synergys not attainable as a standalone. I am seeing 150 ebitda 2021 and about 100 operating FCF against 4 bill ev-not that cheap... login to read the rest view available tags
48	member 8/01/22 7:11AM EVO deal
Hi, Is anyone close with EVO? how is the quality of the business? Why are they selling for 13x FY23 EBITDA? what does it mean for GPN's valuation? Is it just cost synergy or real benefit in the view available tags
47	member 7/22/22 9:01AM Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Bear case 46
Thanks for getting me to look more deeply into the newer entrants. I read through a few expert calls and, while the Street has concluded that the newer entrants will continually take share from the... login to read the rest 4 view available tags
46	member 7/20/22 7:08AM Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Bear case 45
Here is the letter for those interested. https://stripe.com/files/stripe-2021-update.pdf view available tags
45	member 7/19/22 8:35PM Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Bear case 44
Thanks for the info. GPN 2021 volume: 900B, YOY growth 20% Stripe 2021 volume 640B, YOY growth 60% Adyen 2021 volume 514B euros, YOY growth 70% These fintech leaders are growing at unbelievable rates from big bases. Mathematically it's... login to read the rest view available tags
44	member 7/19/22 5:14AM Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Bear case 43
Pg 5-this is for GPN 1st q 2019-1stq 2022 https://s21.q4cdn.com/254933054/files/doc_financials/2021/q4/Global_Payments_4Q21-Earnings-Presentation.pdf https://s21.q4cdn.com/254933054/files/doc_financials/2021/q4/Global_Payments_4Q21-Earnings-Presentation.pdf view available tags
43	member 7/18/22 8:50PM Re: Re: Re: Re: Re: Re: Re: Re: Re: Bear case 42
Daycin, can you please share the 2019-2022 volume/GMV metrics for the legacy players that you mentioned in post#34? Thanks. view available tags
42	member 7/18/22 6:18PM Re: Re: Re: Re: Re: Re: Re: Re: Bear case 41
Daycin - thanks. It now makes sense why some growth funds who used to own both Adyen and GPN, abandoned GPN. view available tags
41	member 7/18/22 7:33AM Re: Re: Re: Re: Re: Re: Re: Bear case 39
ust to pitch in on yxd's question, that graph is for 1st q 2020-tsys merger had happened already so its all inclusive. 1) Yes, Adyen has been very vocal about them taking share from all the... login to read the rest 1 view available tags
39	member 7/17/22 7:17PM Re: Re: Re: Re: Re: Re: Bear case 38
yxd- That's a good question on whether the slide is PF for TSYS. The footnotes don't say one way or the other. I'll follow up with them. As far as why they compare themselves to... login to read the rest 1 view available tags
38	member 7/17/22 6:47AM Re: Re: Re: Re: Re: Bear case 36
yxd0950 ( hard name to pronounce)I honestly have no idea why they do it that way. It is probably mostly them trying to dispel the bear case (and it worked some sell side reports saying... login to read the rest view available tags
37	member 7/17/22 6:42AM Re: Re: Re: Re: Re: Bear case 36
Beethoven You are taking things a bit too far in saying there is no bear case. There is definitely a big bear case here. The question is that it is also super cheap. Just first, the fact... login to read the rest 1 view available tags
36	member 7/16/22 9:41PM Re: Re: Re: Re: Bear case 35
Is the GPN slide pro-forma growth given they have acquired Total Systems in Q4 2019? And why are they comparing V credit volume to their whole merchant volume given that debit usage was way up during... login to read the rest 2 view available tags
35	member 7/16/22 6:21PM Re: Re: Re: Bear case 34
Daycin, Thanks for that detail. I'm curious to hear where you come out after you scrub your numbers. I looked at the situation differently. I went back to the GFC to see how GPN performed. There's a... login to read the rest 2 view available tags
34	member 7/16/22 4:10PM Re: Re: Bear case 33
BeethovenI can tell you the exact way I calculated it. Just look at the total volume for the big three in the US from 1st q 2019 and match that to the total for the... login to read the rest 1 view available tags
33	member 7/15/22 3:47PM Re: Bear case 30
Daycin, How are you looking at the numbers differently than the company and the sell side? From 1Q22 call: Darrin Peller I want to start off with the merchant side just because we're still seeing volume growth. Obviously [... login to read the rest view available tags

			2010	2011
Price:	2.50	EPS	$0.21	$0.40
Shares Out. (in M):	100	P/E	11.9x	6.2x
Market Cap (in $M):	249	P/FCF	8.6x	5.3x
Net Debt (in $M):	72	EBIT	48	67
TEV (in $M):	321	TEV/EBIT	6.7x	4.8x

Description

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