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Equity Research Summary: Payments, Processors & IT Services

Key Highlights

• Date: June 10, 2025
• Focus Area: Payments processors and IT services sector, covering equity research on various securities.

Investment Recommendations

• Buy: 60.51% of ratings, indicating securities expected to provide 15-20% total return (price appreciation plus yield) within 12 months; higher for securities below $10.
• Hold: 35.15% of ratings, indicating securities expected to provide -10% to +15% total return within 12 months.
• Underperform: 4.34% of ratings, indicating securities expected to provide -10% or less total return within 12 months.

Valuation Methodology

• Based on factors including market capitalization, maturity, growth/value, volatility, and expected total return.
• Uses methods such as discounted cash flow (DCF), EBITDA, EPS, P/E ratios, and other financial metrics like EV/EBITDA.

Key Risks and Disclosures

• Market risks: Fluctuations due to economic, financial, and political factors; currency risks if securities are denominated in foreign currencies.
• Analyst conflicts: Compensation based on firm performance, including investment banking, which may affect objectivity; analysts certify that recommendations are based on personal views.
• Regulatory notes: This report is for Jefferies clients only; unauthorized distribution prohibited; no investment suitability analysis performed.

Additional Notes

• Franchise Picks: Based on equity analysts' ideas, including only Buy-rated stocks with risk/reward considerations.
• Overall, the market shows a slight bias toward buy and hold recommendations, with potential for volatility in lower-cap stocks.