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1、EquityResearch3January2018U.S.Payments,Processors&ITServicesINDUSTRYUPDATE2018:InvestmentsandM&APositionU.S.Payments,Processors&ITServicesSectorforOngoingOutperformanceNEUTRALUnchangedPayments/TransactionProcessing:Withmorethan80%ofglobalpaymentsstillincash/checks,theongoingtrans
2、itionoflegacypaymentformstoelectronicmethodsForafulllistofourratings,pricetargetandshouldcontinuetodrivesolidgrowthacrossthepaymentsandfin-techuniverse.earningschangesinthisreport,pleaseseeHowever,thecompanieswhereweseethemostimpressiveoutlookhavebeentableonpage2.investingandaddi
3、ngcapabilitiesthroughorganicmeansaswellasthroughnotableacquisitionsinareassuchasIPOS/software,eCommerceandomni-channel,U.S.Payments,Processors&ITServicesglobal/cross-borderubiquity,B2Bpayments,P2P,real-timeACH,data/analytics,DarrinD.Pellerandotherservices.Inourview,theseinvestmen
4、tsshouldallowforthevaluations+12125267144ofpaymentscompaniestosustainablydecouplefromlegacymultiplesthathaddarrin.peller@barclays.combeenassociatedwithfinancialservices/cyclicaltrends,andinsteadbemoreBCI,UScorrelatedwiththoseofsoftwareandotherhighgrowthtechnologyareaswellJamesR.B
5、erkley,CFAabovemarketlevels.Fromamacroperspective,overthepastyear,FXbecamea+12125262351tailwindformostcompanies,regulatoryconcernsgenerallywaned,andcompseased.james.berkley@barclays.comWeseemostofthesevariablespersistinginto2018.Further,weseetaxreformdrivingBCI,USupsidetoearnings
6、acrossmostnamesinourcoverage,withourestimateforanapproximate12%boosttoearningsonaverageacrossourspaceversusindustryToddCohen,CFAforecastsfor8-10%boosttoS&Pearnings.Headinginto2018,weseestrong+12125266096risk/rewardfromnameswithmultipleexpansionpotentialand/ormaterialearningstodd.
7、cohen@barclays.comupside,includingADS(whichweupgradetoOverweightfromEqualWeight),PYPL,BCI,USFLT,andFDCandwealsoremainOverweightonsolidcompoundinggrowthnamessuchasV,MA,SQ,GPN,andTSS.Weremainsidelined,inmostcasesgivenvaluationlevels,onADP,PAYX,WEX,PAY,andWU,althoughweseelittledowns
8、iderisktosharesinmostcases.FinancialOuts
