Global Payments Ends 2021 on Solid Note

Global Payments finished the year on a solid note, and results in the quarter largely maintained recent trends. Overall adjusted revenue increased 13% year over year and margins increased modestly. As the pandemic headwind eases, we think the narrow-moat franchise is well positioned to benefit from favorable long-term trends and that the current market price overly discounts its prospects. We will maintain our $186 fair value estimate.