Key Takeaways GPN trades at a forward P/E of 6.34X, well below the industry average of 21.42X.GPN plans to acquire Worldpay, divest non-core assets and repurchase $500M in shares.Merchant Solutions revenues grew 8.7% YoY in 2024 and 1.1% in Q2 2025, while Issuer Solutions rose 4%.Global Payments Inc. (GPN) is a global payments technology company that provides innovative software and services. Its payment technology and software solutions empower merchants, issuers and developers to deliver smooth customer e ...

PresentationTien-Tsin HuangJPMorgan Chase & Co, Research Division Great, everyone. Thanks for joining. My name is Tien-Tsin Huang. I follow the payments and IT services sector at JPMorgan. And I was telling Cameron, really grateful to cover a space and have learned a ton over the years, and there's been a lot of change and delighted to have Cameron Bready, who's the CEO of Global Payments, give us an update. We've had Worldpay on the stage here before Cameron. And of course, you're going through this transa ...

Summary of Global Payments Conference Call Company Overview - **Company**: Global Payments - **Industry**: Payments and IT Services - **Transaction**: Acquisition of Worldpay Key Points Company Growth and Transformation - Global Payments has grown from over $1 billion in revenue to nearly $10 billion over the past 11 years, indicating significant growth driven by M&A activities [4][5] - A transformation effort was launched to reorient the business from a holding company structure to a unified operating company model, aimed at long-term growth and sustainability [5][6] - The focus is shifting towards merchant solutions, with the exit from the issuer solutions business as part of the Worldpay acquisition strategy [6][7] Genius Platform - Genius is a unified point-of-sale platform aimed at enhancing capabilities for restaurant and retail customers globally [10][11] - The platform has met key milestones, including launches in the U.S. and U.K., with plans for expansion into Canada, Mexico, and other international markets starting in 2026 [12][15] - The platform is designed to be highly configurable and scalable, targeting both SMB and enterprise segments [12][13] Sales Transformation - A new sales compensation structure has been implemented, replacing a long-standing plan from 1994, with over 90% retention during the transition [19][20] - Investments are being made in marketing, lead generation, and customer experience to enhance sales execution and productivity [20][21] Worldpay Acquisition - The acquisition of Worldpay is expected to close in the first half of 2026, with regulatory approvals progressing well [29][30] - The combined entity will have pro forma revenues of nearly $13 billion and process $4 trillion in payments annually across 175 countries [35][36] - The integration plan focuses on positioning the combined business for long-term growth, competitive advantage, and leveraging the strengths of both organizations [34][35] E-commerce and Enterprise Focus - Worldpay's strengths in enterprise and e-commerce, which account for 50% of its business, are seen as key growth drivers [42][43] - Global Payments aims to leverage its product capabilities, including Genius, to enhance Worldpay's SMB offerings and re-accelerate growth in that segment [49][50] Alternative Payment Methods - The proliferation of various payment methods, including Buy Now, Pay Later and stablecoins, is viewed as net additive to the business, enhancing the value provided to clients [62][63] - Stablecoins are expected to play a role in B2B payments and cross-border transactions, with ongoing investments to support these capabilities [65][66] Divestitures and Capital Allocation - Global Payments has divested approximately $550 million in revenue, returning about $1 billion to shareholders, and is evaluating further divestitures post-Worldpay acquisition [68][70] - The company plans to return $7.5 billion to shareholders from regular cash flow between 2025 and 2027 while targeting a leverage ratio of three times [75][76] Future Outlook - The combined business is expected to generate nearly $5 billion in leverage-free cash flow by 2028, significantly enhancing shareholder return potential [79][81] - The payments industry is anticipated to undergo further consolidation, with scale becoming increasingly important for competitive positioning and regulatory compliance [89][90] Additional Insights - The integration of Global Payments and Worldpay is seen as a unique opportunity to create a powerful player in the payments industry, with complementary strengths and capabilities [40][41] - The focus on innovation and technology investment is critical for maintaining competitive advantage in a rapidly evolving market [85][88]

With a market cap of $20.4 billion, Global Payments Inc. (GPN) is a leading provider of payment technology and software solutions worldwide. The company operates primarily through its Merchant Solutions and Issuer Solutions segments, offering businesses and financial institutions secure, seamless, and innovative payment processing and software services. Companies valued over $10 billion are generally described as “large-cap” stocks, and Global Payments fits right into that category. With a global presence ...

Core Viewpoint - Global Payments Inc. (NYSE: GPN) is at an inflection point, with the launch of Genius and the reset of GTM showing tangible results, alongside the upcoming Worldpay acquisition [1] Company Analysis - The investment approach focuses on identifying businesses with potential for scaling and unlocking massive terminal value, emphasizing core economics such as competitive moat, unit economics, reinvestment runway, and management quality [1] - The company aims to generate long-term free cash flow and create shareholder value through fundamental research and a focus on sectors with strong secular tailwinds [1] Investment Strategy - The analysis is driven by a fundamental, valuation-based investment strategy, with a goal to help readers focus on what truly drives long-term equity value [1] - The author emphasizes the importance of analytical and accessible analysis to provide value to readers seeking high-quality, long-term investment opportunities [1]

I give a buy rating for Global Payments Inc. (NYSE: GPN ) as I believe the business is at an inflection point. The launch of Genius and the reset of GTM are already showing tangible results, while the upcoming Worldpay acquisitionI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit e ...

As shown in the chart below, Global Payments (NYSE: GPN ) has been underperforming the S&P 500 Financials sector since the second half of 2021. The reason is that as a payment processor, its sales, which are heavily tiedAs a tech-focused industry Research Analyst, I aim to provide differentiated insights, whether it is for investing, trading, or informational reasons. For this purpose, I am not a classical equity researcher from the financial sector, but, I come from the IT world as the Director of Keylogin ...

As shown in the chart below, Global Payments (NYSE: GPN ) has been underperforming the S&P 500 Financials sector since the second half of 2021. The reason is that as a payment processor, its sales, which are heavily tiedAs a tech-focused industry Research Analyst, I aim to provide differentiated insights, whether it is for investing, trading, or informational reasons. For this purpose, I am not a classical equity researcher from the financial sector, but, I come from the IT world as the Director of Keylogin ...

In my previous Global Payments (NYSE: GPN ) analysis titled Global Payments: Massive Potential With Or Without Worldpay Deal, I pointed out how GPN has significant potential once the Worldpay transaction is completed in 2026, although they can do veryAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many ...

In my previous Global Payments (NYSE: GPN ) analysis titled Global Payments: Massive Potential With Or Without Worldpay Deal, I pointed out how GPN has significant potential once the Worldpay transaction is completed in 2026, although they can do veryAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many ...