Square managed to maintain its growth momentum in the first quarter of 2021 driven by the strong performance of Cash App ecosystem which grew at a triple-digit rate and contributed $4.04 billion to the top-line. The company’s seller ecosystem continues to expand upmarket, targeting larger merchants, and is continuously adding new functionalities such as Square Messages. Moreover, the company witnessed solid momentum across bitcoin with revenue from this business line almost doubling sequentially. The company is working hard to compete with rival, PayPal on the crypto front. Notably, accelerating transaction, subscription and hardware revenues also acted as the key catalysts behind robust growth. Overall, we believe that Square has built an attractive suite of services and is poised for growth in the long-term. We maintain our ‘Buy rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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