Payment, Processors & IT Services
AFRM Affirm Holdings Inc
ADP Automatic Data Processing Inc
XYZ Block Inc
CTSH Cognizant Technology Solutions Corp
COIN Coinbase Global Inc
CPAY Corpay Inc
FIS Fidelity National Information Services Inc
FI Fiserv Inc
GPN Global Payments Inc
MQ Marqeta Inc
MA Mastercard Inc
MSTR MicroStrategy Inc
PYPL PayPal Holdings Inc
HOOD Robinhood Markets Inc
FOUR Shift4 Payments Inc
SOFI SoFi Technologies Inc
TOST Toast Inc
UPST Upstart Holdings Inc
V Visa Inc
WEX WEX Inc
Differentiated Product
Several highlights include our differentiated views on Visa (where we analyzed the long-term impact of cash to card conversion ending), SQ (where we have a sub-segment analysis for each of the many revenue drivers) or PYPL (where we analyzed each revenue stream and its own funding mix).
Key Reports
• The Picks Shovels of AI Initiate Coverage of IT Service
• UPST: Upstarting a New Cycle; Upgrade to Outperform
• Klarna vs. Affirm: An In-Depth Side by Side Comparison
• AFRM: Lower Rates Could Help Drive 30% Upside to Consensus Volumes & 2-3x to GAAP EPS
• Could FedNow Disrupt US Debit? Evaluating Potential Winners & Losers
• TOST: TOST Is a Top 5 Retailer by Volume & Could Meaningfully Lower Interchange Cost; U/G to OP
Notable Events
We host many important management teams for epic events & dinners. For example, we hosted: AFRM’s Max Levchin, HOOD’s Vlad Tenev, SOFI,’s Anthony Noto, Dan Schulman ex. PYPL CEO, Alex Chris current PayPal CEO, Stephanie Ferries FIS CEO…and Chamath Palihapitiya from Social Capital.
Analyst Bio
Dan joined Mizuho in May 2020 as a senior analyst based in New York, covering Payments, Processors & IT Services. Prior to Mizuho, Dan worked at Macquarie, where he served as senior analyst, equity research, covering payments and business services, and has held similar roles at Nomura Instinet and Jefferies.He has 13+ years of experience and began his equity research career at Banc of America Securities.He was voted Rising Star by Institutional Investor (II) in Business Services, and has been recognized by II with a #1 vote (both team and individually). Dan holds a Bachelor of Arts degree in Economics, Cum Laude, from Columbia University and an MBA in Finance from Columbia Business School.