Airwallex, the business banking and payments firm, raised $330 million in a funding round that valued it at $8 billion https://t.co/5kwADVnC2L ...

Core Insights - Mastercard continues to show strong growth momentum, supported by healthy spending trends among consumers [2] - The company anticipates a robust holiday shopping season, with Black Friday customer spending increasing approximately 4% year-over-year [3] - Mastercard's net revenue for Q4 is expected to benefit by roughly 3% from favorable foreign exchange rates, a revision from earlier estimates [3] Spending Trends - Black Friday sales were primarily driven by e-commerce, which saw a year-over-year increase of 10.4%, while in-store sales rose by 1.7% [4] Analyst Perspectives - UBS analyst Timothy Chiodo reiterated a Buy rating on Mastercard with a price target of $700.00 [1] - JPMorgan analyst Tien Tsin Huang identified Mastercard as a key player in AI-driven agentic commerce, highlighting the company's role in enabling this growth area [5] - Mastercard's Chief Services Officer emphasized the importance of trust and confidence in agentic commerce, starting with Mastercard Agent Pay [5]

Group 1 - The upcoming year 2026 is expected to be crucial for stock pickers, as previous successful strategies may not yield the same results due to changing market conditions [2][4] - The analysts at InvestorPlace achieved significant outperformance in 2025, with their recommendations surpassing the S&P 500 by nearly 1,000 basis points [2][3] - The new strategy for Power Portfolio 2026 will shift focus from AI stocks to 11 companies poised to benefit from a significant investment boom driven by U.S. government spending [5][6] Group 2 - The U.S. government is anticipated to initiate an $11.3 trillion investment bonanza aimed at revitalizing the economy, which will be discussed in the upcoming American Dream 2.0 Summit [6][8] - PayPal Holdings Inc. is highlighted as a top stock for 2026 due to its unique position as the first payments platform integrated with ChatGPT, despite not making it into the final Power Portfolio [10][15] - FactSet Research Systems Inc. is identified as an acquisition target with a potential 20% upside over the next three years, driven by increased M&A activity and its low valuation [16][18][20] - Tronox Holdings PLC is noted for its position in the titanium dioxide market, with potential for significant upside if business conditions normalize, although it is considered too risky for the Power Portfolio [26][29]

Core Viewpoint - Nayax Ltd. is considering an offering to expand its existing Series A Notes and Series 1 Warrants, aimed at the Israeli market only, to support its growth and potential acquisitions [1][2]. Group 1: Offering Details - The offering will consist of units priced at NIS 1,000 par value of Series A Notes and three Series 1 Warrants, each warrant convertible into one ordinary share of the Company [1]. - The tender for Israeli qualified investors is scheduled for December 8, 2025, with no minimum price set for the tender [2]. - An early commitment fee of 0.40% will be available for Israeli qualified investors based on the minimum price for the units they commit to [2]. Group 2: Use of Proceeds - The net proceeds from the offering, if completed, will be utilized for general corporate purposes, including potential acquisitions [2]. Group 3: Company Overview - Nayax is a global commerce payments and loyalty platform that helps merchants scale their businesses, offering solutions for cashless payment acceptance, management, and loyalty tools [4]. - As of September 30, 2025, Nayax operates 12 global offices, employs approximately 1,200 staff, and has connections to over 80 merchant acquirers and payment method integrations [4].

Core Insights - Visa has partnered with Circle Asia Technologies and Pismo to enhance credit access for clients in Vietnam through an AI-enabled PayLater card [1][2] - The initiative aims to address Vietnam's low credit card penetration by providing instant credit approval and flexible payment options [2] - Pismo's technology integration with Visa is set to modernize banking and payment capabilities, allowing financial institutions and fintechs to scale effectively [3] Group 1: Strategic Collaboration - Visa's collaboration with Circle Asia Technologies focuses on launching an AI-enabled PayLater card to improve user experience in financial services [1] - The card will facilitate credit building and global payments without requiring a traditional bank account [2] Group 2: Technology and Infrastructure - Pismo, acquired by Visa, offers a resilient API and microservices platform that supports multiple card networks [3] - The integration of Pismo's technology with Visa's infrastructure aims to enhance core banking and payment capabilities through cloud-native APIs [3] Group 3: Stablecoin Payouts - Visa has initiated a pilot program allowing businesses to send payouts directly to recipients' stablecoin wallets, enhancing payout efficiency [4] - This service provides digital creators and freelancers with faster access to funds, especially in markets with currency volatility [5] - The launch of stablecoin payouts is intended to enable universal access to money quickly, improving financial inclusivity [5]

Core Business Performance - PayPal's core checkout business is experiencing growth challenges, with management indicating that growth in branded checkout will slow down in the fourth quarter compared to the third quarter [4][7] - The company's revenue growth has returned to mid-single-digit levels, with a 7% year-over-year increase in Q3, up from 5% in Q2, and adjusted earnings per share rising 12% to $1.34 [2][3] Engagement Metrics - Active accounts remained flat at approximately 438 million, showing only a 1% year-over-year increase, while total payment transactions declined by 5% year-over-year [4][6] - Transactions per active account on a trailing-12-month basis decreased by 6% to 57.6, indicating reduced transaction frequency among users [4][6] Market Position and Competition - The slowdown in branded checkout growth is attributed to competitive pressures from card networks and technology platforms that are enhancing their own checkout solutions [6] - Despite the challenges, PayPal's management remains optimistic about meeting fourth-quarter guidance, forecasting non-GAAP earnings per share between $1.27 and $1.31 [7] Valuation and Investment Considerations - PayPal's stock is currently trading at a low valuation of about 12 times earnings, which some investors may view as an attractive entry point [8] - The company must stabilize branded checkout growth and improve engagement metrics to regain investor confidence, especially in light of increasing competition in the payments space [8]

Core Thesis - Visa Inc. is viewed positively due to its strong financial performance, operational efficiency, and growth potential in the digital payments sector [1][2][6] Financial Performance - Visa reported Q4 and full-year FY2025 results with net revenue of $10.7 billion and non-GAAP EPS growth of 13% to $2.98 [2] - The company experienced a 9% increase in payment volume, indicating a shift from cash to digital payments [2] - Despite a $899 million litigation provision, non-GAAP operating expenses increased by only 8%, showcasing Visa's cost discipline [2] Growth Drivers - Cross-border transactions, Visa's most profitable segment, grew by 12% year-over-year, benefiting from increased international travel and e-commerce [3] - New payment flows and value-added services surged over 20%, contributing to Visa's "second growth curve" and expanding its integration with fintechs and enterprises [3] Capital Strategy - Visa maintained a shareholder-friendly capital strategy with $13.7 billion in buybacks and a 14% increase in dividends, supported by $23.9 billion in free cash flow for FY2025 [4] - Management has guided for low double-digit revenue and EPS growth for FY2026, indicating sustained earnings visibility [4] Valuation - Valuation frameworks suggest a forward P/E of 29–35x and a DCF-based intrinsic value of $315–$355, indicating that the stock is reasonably priced given Visa's growth and profitability [5] - Visa's scale, network effects, and role in global commerce position it as a valuable infrastructure provider in digital payments [5]

Core Thesis - Corpay, Inc. is viewed as a "compounder on sale," with expected annual per-share earnings growth of 15-20% and potential multiple expansion to 16-20x earnings [4][7] Company Overview - Corpay, Inc. (NYSE: CPAY), formerly Fleetcor, is a leading B2B payments company that has transformed from a regional fuel card business into a global B2B payments powerhouse [2] - The company has generated approximately 19% annualized shareholder returns from 2010 to 2024 [2] Financial Performance - The company has consistently delivered around 13% annual growth in revenue, EBITDA, and EPS from 2014 to 2024 [3] - As of December 1st, CPAY's share was trading at $296.27, with trailing and forward P/E ratios of 20.13 and 12.02 respectively [1] - CPAY shares are attractively priced at approximately $330, implying a 13.5x 2026E earnings, while the intrinsic value is estimated between $400 and $490, offering a 20-33% margin of safety [4] Strategic Positioning - The company is well-positioned to benefit from secular trends in digital B2B payments, inflation-sensitive revenues, and a weakening U.S. dollar, with around 50% of revenue coming from international markets [5] - Free cash flow generation and disciplined capital allocation, including $5.6 billion in buybacks from 2020 to 2024, further support the company's upside [5] Growth Opportunities - Additional growth potential arises from CPAY's cross-border business and stablecoin adoption, which could accelerate growth [6] - The company has a strong M&A track record and aligned management, which are seen as mitigants to potential risks [7] Risks and Catalysts - Key risks include the integration of the $2.4 billion Alpha Group acquisition, regulatory compliance in cross-border payments, and pressures on legacy fuel card businesses [6] - Catalysts for upside include successful execution of the business plan, accretive M&A, capital allocation, and stablecoin adoption [7]

Core Insights - Mastercard Inc. employs a disciplined acquisition and partnership strategy to drive growth, expanding beyond traditional card payments into value-added services, open banking, B2B payment flows, and global digital finance infrastructure, which diversifies revenues and strengthens margins [1][5] Acquisitions and Partnerships - Recent acquisitions include a $2.65 billion purchase of Recorded Future, enhancing cybersecurity offerings, and the acquisition of Minna Technologies, which expands subscription-management capabilities [2][9] - Mastercard has also strategically acquired companies like Dynamic Yield and Baffin Bay Networks to bolster its subscription and digital asset management services [3] - The company has formed global partnerships with firms such as Pluto, ADGM, Corpay, and stc pay to enhance B2B and cross-border solutions, while collaborations with Fiserv, Chainlink, and Thunes improve access to stablecoins and crypto [4] Market Position and Performance - Mastercard's shares have gained 3% year to date, outperforming the industry average [8] - The company trades at a forward 12-month price-to-earnings ratio of 28.8, which is above the industry average of 20.02, indicating a relatively expensive valuation [10] Earnings Estimates - The Zacks Consensus Estimate for Mastercard's fourth-quarter 2025 EPS is $4.21, with no movement in estimates over the past week, and projections for full-year 2025 and 2026 indicate year-over-year increases [11][12]

The Dow Jones Industrial Average (^DJI) was up 56.19 (0.1174%) points today, as Wall Street continued its quiet ascent, flirting with all-time highs. The market's main narrative was a blend of robust corporate earnings reports and encouraging economic data, alongside anticipation for key inflation figures. Investors closely monitored the Personal Consumption Expenditure (PCE) price index data, the Federal Reserve's preferred inflation gauge, and awaited signals ahead of next week's Fed meeting, where a 25 b ...