Pitch: Brazilian SQ. The secular growth story in Brazil’s non-cash payments. Pricing/margins in the merchant acquiring industry are expected to normalize (competition acts more rationally) and higher funding costs will be transferred to customers.
Valuation: PAGS is projected to earn $1.10/$1.70/$2.10 in 2022/2023/2024. At 20x 2024 earnings this results in a $45/share target.
Exp. gain: 200%+
Full PAGS write-up (free guest account required):