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CM Capital Research

Passion for research and investing

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Latest Issues

Adyen N.V. (ADYEN.AS)

Executive summary

  • Adyen is a leading European payments services provider

  • Adyen faces secular industry growth while taking wallet share form rivals

  • Quality company with a 45% - 50% operating margin

  • Stock price is down...

2 months ago
25

This is what you need to know about the payment industry

Many people have been talking about the payment industry lately, since companies like PayPal (read our analysis here), Adyen, Fiserv, or even Visa and Mastercard are far from their all-time highs. So, to understand if these companies are go...

3 months ago
2

PayPal Holdings, Inc. (PYPL)

Executive summary

Source: PayPal website

  • PayPal disrupted the payments industry years ago

  • The stock is in a downward spiral due to a weakening moat

  • Poor management has exacerbated the decline

  • The company still has va...

3 months ago
5
3

Kaspi.kz (KSPI)

Executive summary

  • Kaspi is Kazakhstan’s leading fintech, payments system and marketplace in Kazakhstan

  • Kaspi enjoys a near-monopolistic situation thanks to it Super App

  • The company is highly profitable and has a capital-li...

4 months ago
3

WISE

1. Executive summary

· In this post we review WISE, a company within the cross-border payments industry.

· WISE is building a great moat while being very profitable; something that competitors struggle with.

· WISE is compelling tod...

6 months ago
12
2

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