Global Payments: Results Remain on Track

Global Payments reported another solid quarter, with results roughly in line with the previous quarter. We think the company's continued ability to produce good top-line growth and solid margin expansion supports our view that it can retain its long-term competitive position within the evolving payments space. We will maintain our $179 per share fair value estimate for the narrow-moat company. We see shares as materially undervalued at the moment, as we believe that the market underestimates the strength of the company's competitive position.