Fleetcor: Expect Q4 Results To Reinforce Our Bullish Thesis

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About: FleetCor Technologies, Inc. (FLT)
by: Alexander Veytsman
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Alexander Veytsman
Long/short equity, hedge fund manager
Summary

We see organic revenue Y/Y growth at ~12% Y/Y during the quarter.

Improvement in international traction includes Brazil, Mexico, the United Kingdom, and Russia.

We also expect commentary on the recent FTC action, which can be a wildcard.

In this note we reiterate our Bullish thesis on Fleetcor (FLT) and provide our expectations ahead of Q419 earnings. Fleetcor remains a strong story that relies on both its core cards business, as