Nomura Securities Maintains a 'Neutral' on Global Payments (GPN); Cutting Estimates on Q4 Review
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Price: $93.05 -1.88%
Rating Summary:
23 Buy, 24 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 24 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on Global Payments (NYSE: GPN) price target of $46.00.
Analyst, Bill Carcache, said, "GPN reported 4Q12 cash EPS of $0.97 versus our estimate and management guidance of $0.98. These results exclude $0.68 of charges associated with the data breach. The $0.01 EPS miss (relative to our estimate) was driven by a higher-than-expected tax rate. Operating income actually beat our estimate by $0.02, as better-than-expected results in the North America business more than offset weaker-than expected results in Canada and Asia-Pacific. Our revised 2013 cash EPS estimate goes to $3.66 (from $3.88) and 2014 goes to $3.97 (from $4.23). GPN is acquiring the remaining interest in its HSBC JV for US$242 million. The all-in price tag came in at a low double-digit multiple of EBITDA. The deal is expected to close on October 1 and be $0.07 accretive to EPS (included in GPN’s 2013 cash EPS guidance of $3.59-$3.66). The acquisition should accelerate GPN’s growth in Asia."
For an analyst ratings summary and ratings history on Global Payments click here. For more ratings news on Global Payments click here.
Shares of Global Payments closed at $42.51 yesterday.
Analyst, Bill Carcache, said, "GPN reported 4Q12 cash EPS of $0.97 versus our estimate and management guidance of $0.98. These results exclude $0.68 of charges associated with the data breach. The $0.01 EPS miss (relative to our estimate) was driven by a higher-than-expected tax rate. Operating income actually beat our estimate by $0.02, as better-than-expected results in the North America business more than offset weaker-than expected results in Canada and Asia-Pacific. Our revised 2013 cash EPS estimate goes to $3.66 (from $3.88) and 2014 goes to $3.97 (from $4.23). GPN is acquiring the remaining interest in its HSBC JV for US$242 million. The all-in price tag came in at a low double-digit multiple of EBITDA. The deal is expected to close on October 1 and be $0.07 accretive to EPS (included in GPN’s 2013 cash EPS guidance of $3.59-$3.66). The acquisition should accelerate GPN’s growth in Asia."
For an analyst ratings summary and ratings history on Global Payments click here. For more ratings news on Global Payments click here.
Shares of Global Payments closed at $42.51 yesterday.
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