Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Global Payments' Transformation Continues

Merchant acquiring isn't the most exciting business - truth be told, the entire acquiring / network / interchange system is probably boring to most people - but Global Payments (NYSE:GPN) has a lot of interesting drivers working right now. The company's transition away from ISOs and toward direct acquisition should be good for margins over time, and the company has an uncommonly strong position outside the U.S. With the company also embracing integrated payments, higher revenues and margins should also be in play down the line.

Global Payments' efforts haven't gone unnoticed. Since I last wrote, the shares are up about 20% on increasing bullishness over the company's efforts to expand into integrated offerings and speculation that...

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