Blackbird Capital
Long/short equity, long-term horizon

Evertec: An Under-Valued Cash-Cow

About the company

Evertec, Inc., (NYSE:EVTC) is a payment processing company based in Puerto Rico that provides end-to-end transaction processing for retail customers, merchants and banks. The company has three areas of operations:

Merchant acquiring services

Point-of-sale services (POS) and e-commerce systems. These systems are basically the credit card reader that allow merchants to take payments from debit and credit cards. According to the company's 10-K report, they were the largest merchant acquirer in the Caribbean, with 27,500 merchants signed up as of 2014.

Payment processing services

Transaction processing technology solutions. Enables financial institutions to process debit, credit, ATM and EBT cards. 70% of Puerto Rico's ATM transactions and 80% of debit card transactions flow through Evertec's

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