Lock Stock Thesis Shift4 Payments' (NYSE:FOUR) stock saw a massive spike after reporting Q4 earnings. This was likely due to the combination of a good earnings report/guidance and M&A speculation. No M&A activity ended up taking place, and since then the stock has declined precipitously. We believe the recent selloff is overdone and that long-term investors can acquire shares at an attractive valuation. The Basics Shift4 is a payments processor, though they do have some software/website offerings throug ...

公司业务表现 - Shift4的股价受到了潜在收购的影响，但公司业务表现良好，市场份额增长，收入增长强劲，利润率上升，自由现金流增长[1] - Shift4的自由现金流转换率达到了行业最佳水平，自由现金流率达到30%，持续增长[3] - Shift4的软件收入在过去一年增长了69%，主要得益于SkyTab软件功能，受到餐厅、场馆等用户的青睐[14] - Shift4的收入增长也受益于用户从网关到端到端处理的迁移，这对收入产生了显著影响[17] - Shift4通过收购创造了与小型收购的收入协同效应，将小型收购转化为重要的增长引擎[18] - Shift4最近收购的Finaro公司将带领公司进军国际市场，这一举措有望为公司带来巨大的增长潜力[19] - Shift4的国际业务增长将是公司最大的单一收入增长机会，公司计划利用Finaro平台和SkyTab POS系统在全球范围内拓展支付领域[29] - Shift4的利润潜力很大，随着公司利用规模优势，应该会增长[32] - 订阅收入虽然增长迅速，但仍只占收入的8%，随着SkyTab部署加速，软件收入的增长也将加速[34] - Shift4最重要的收入指标是净收入减去网络费用(GRLNF)，预计2024年GRLNF将增长38%-44%[35] - 预期端到端支付量将增长60%，调整后的EBITDA预计将增长超过40%，自由现金流预计将与EBITDA同步增长[36] - 大多数分析师认为调整后的EBITDA是最相关的盈利能力指标[37] - Shift4的当前市盈率为17倍，P/EG比率为0.62，被认为是有吸引力的估值[38][39] - Shift4的净债务水平相对较低，公司运营现金流量良好[40] - Shift4的估值指标非常有吸引力，预计未来几年将实现低30%的复合年增长率[41] - Shift4的盈利能力指标过去表现强劲，有望进一步改善[52] - Shift4的增长主要是有机的，公司的策略是进行小规模收购，然后从第一天开始“打破现有收入模式”[51] - Shift4的现有技术差异化明显，SkyTab的市场渗透加速，公司有望实现显著的收入协同效应[50] - Shift4的现有估值指标对投资者非常有利，EV/S比率低于5倍，收入增长和自由现金流边际产生的估值比平均水平低40%[55]

Fintech firms focus on using technology to enhance financial services, including payments, banking, and financial management. Among some of the more popular services that such companies deliver are cryptocurrencies, “buy now, pay later,” peer-to-peer payments, payments to businesses, and consumer banking. Fintech firms have multiple, strong, positive catalysts, including the rapid, global digitization of financial transactions, continued, reduced reliance on cash worldwide, and the increased willingness of ...

Will Shift4 eventually get a higher takeover offer?Shares of financial-technology (fintech) company Shift4 Payments (FOUR -4.76%) dropped 19.6% in March, according to data provided by S&P Global Market Intelligence. The company has been a rumored acquisition target. And for a brief moment, it looked like a deal would get done. But things fell apart in March, leading to the drop in stock price.On Feb. 28, Shift4 stock soared after a Reuters report said that Amadeus and Fiserv were in a bidding war. D.A. Davi ...

Analysts think this stock should be worth 30% more.In this video, I will talk about Shift4 Payments (FOUR 0.09%) and explain why it might be flying under the radar.*Stock prices used were from the trading day of April 3, 2024. The video was published on April 4, 2024. ...

公司概况 - Shift4（NYSE:FOUR）通过强劲的财务表现、创新解决方案和战略收购，展现出引人注目的投资机会[1] - Shift4是一家支付软件公司，主要通过两种方式产生收入：为各行业的商家提供支付服务，以及向商家收取月度订阅费用[2] 财务表现 - 在FY23，Shift4的端到端支付量同比增长52.3%，达到1090亿美元，支付基础收入同比增长28.5%至24亿美元[3] - FY23订阅收入同比增长30.9%，达到1.78亿美元，受到SkyTab POS系统强劲采用的推动，该系统在2023年安装了超过2.5万个系统[6] - 总体而言，Shift4的总收入同比增长28.7%，达到26亿美元，毛利润同比增长46.3%，达到6.878亿美元，毛利率从FY22的23.6%扩大至FY23的26.8%[7] - FY23的EBIT增长了21.7%，增速低于收入增长，导致EBIT利润率从FY22的4.75%下降至FY23的4.48%，但如果排除由于某些内部项目停止而在4Q23发生的非经常性无形资产减值的1860万美元，FY23的EBIT将达到1.33亿美元，同比增长40%，利润率将达到5.20%[8] 收购与扩张 - Shift4最近收购的Appetize和Finaro成功整合并实现了协同效应，Appetize的收购增强了Shift4在体育和娱乐行业的存在，而Finaro的收购旨在扩大Shift4在欧洲市场的影响力[4] - 最近收购Appetize不仅为Shift4打开了新的市场领域，还通过增加跨销售机会和交叉销售机会推动了ARPU的增长[9] 未来展望 - 基于管理层对FY24较低端指导的13亿美元总收入，Shift4目前的增长轨迹表明，在未来3年内实现目标的近30%增长的可能性很高，假设年收入增量保持一致[10] 财务状况 - 截至FY23，Shift4的资产负债表上有7.218亿美元的现金和17亿美元的长期债务，FY23录得了3.883亿美元的正现金流，这表明Shift4有能力舒适地履行债务义务并同时推动其增长计划[11] 估值与风险 - 在评估Shift4的估值时，利用EV/Sales指标提供了更合适的比较，尤其是考虑到许多同行目前处于亏损状态，Shift4相比同行具有溢价，但这种估值可能是合理的，因为Shift4已经证明了自我可持续性、更高的增长率和改善的利润率[12] - 风险包括：高度竞争的支付处理行业可能削弱Shift4在市场份额的竞争力，宏观经济因素可能影响消费者的消费模式[13] - 挑战包括整合收购公司、系统和文化可能会干扰运营并影响财务表现[14] 总结 - Shift4展示了强劲的财务表现，其创新的支付处理解决方案和战略收购推动了公司的增长，未来3年内有望实现29.6%的持续增长，公司的估值是合理的[15]

Shift4公司收购传闻 - Shift4 Payments公司股价下跌，可能因为潜在的公司出售消息[1] - Shift4公司创始人和CEO表示多家公司愿意高价收购，但董事会认为出价不够高[2] - Shift4公司可能被Fiserv和Amadeus竞购，估值可能达到70亿美元，高于目前市值60亿美元[3] 收购价格与股价关系 - 尽管市场条件适合高价收购，但公司未能获得理想的收购价格，导致股价下跌[4] - Shift4公司拒绝收购提议可能对长期投资者有利，公司目前业绩良好，增长率超过30%且盈利[5] - 公司独立上市可以为股东带来长期回报，管理层拒绝收购可能受到市场赞赏[6]

潜在买家报价 - Shift4 Payments首席执行官对潜在买家的报价不满意，认为未能充分评估支付处理器的价值[1] - Shift4收到多个高于股价的报价，但董事会认为没有一个适当地评估了业务或潜力[2] - Shift4正在积极探索战略机会和替代方案，以减少干扰并为公司、员工和股东提供最佳服务[3]

NEW YORK--(BUSINESS WIRE)--ICR, a leading strategic communications and advisory firm, is pleased to announce that Jared Isaacman, Founder & CEO, Shift4 (NYSE: FOUR) and Draken International, and Morgan Brennan, Co-Anchor of CNBC's Closing Bell: Overtime, recently appeared on Episode 116 of ICR’s “Welcome to the Arena” podcast. The second installment of this two-part discussion will air as Episode 117 on March 13. Welcome to the Arena is hosted by Tom Ryan, Co-Founder & CEO of ICR. This special two-part epi ...

Today’s article introduces three stocks to buy for a cashless society. Artificial intelligence (AI), machine learning and blockchain technologies are transforming the fintech industry, merging traditional models with cutting-edge solutions to drive efficiency, improve service delivery and enhance customer interaction. While higher interest rates initially put pressure on many fintech companies, anticipated declines in the second half of 2024 are expected to reignite growth in the fintech sector.Recent resea ...