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

Heartland Payment Offers Increasingly Diversified Growth

Not a lot has changed about Heartland Payments (NYSE:HPY) over the last eight months. When I last wrote about Heartland, I thought the company was a quality growth play on the increasingly cash-less transaction market and was pursuing some quality growth opportunities outside of merchant acquiring and payment processing. The problem then and now is valuation; I thought Heartland was well-valued in November and the market-lagging 1% appreciation since then doesn't change my view. While I like Heartland as a low-teens grower over the next decade, the valuation already seems to anticipate that.

Payment Processing Not Changing All That Much

For all of the talk of Square and mobile payments, not as much is changing in the...

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