Global Payments Inc.

Despite ongoing macro-uncertainties, Global Payments had a strong first quarter that surpassed Wall Street expectations. In the quarter, they completed the divestitures of their Gaming Solutions company and the consumer assets of Netspend. After successfully completing these transactions, Global Payments concentrated on controlling the future business composition with Issuer Solutions, including B2B and Merchant Solutions. Their commercial part business also performed well. In B2B, Global Payments also drive strong growth with corporations and financial institutions. As middle-market enterprises continue to digitize their payments, the company saw significant supplier enrollments this quarter. It’s worth noting that MineralTree produced normalized growth of around 20% during the period, and the company continues to predict around 30% growth in 2023. We give Global Payments a ‘Hold’ rating with a revised target price.