Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.</li>
<li>Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.</li>
<li>Fiserv (<span class="ticker-hover-wrapper">NASDAQ:FISV</span>) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability</li>
</ul>


Fiserv's latest quarterly results were largely expected, and yet the market seemed to be caught off guard.
Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.
Fiserv (NASDAQ:FISV) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability


Fiserv: Market Sentiment Is Catching Up After Recent Earnings

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “<em>develop a significantly improved proposal.</em>” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.</li>
<li>We had written about the upcoming lockup expiry in our earlier note, <a href="https://www.smartkarma.com/insights/goto-ipo-lockup-expiry-us-13bn-lockup-release-or-in-other-words-the-real-ipo" target="_blank" data-smartkarma-citation="insights:84796" rel="noopener">GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO</a>.</li>
<li>While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.</li>
</ul>


GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price.
We had written about the upcoming lockup expiry in our earlier note, GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO.
While the price appears to be settling down now, given the intra-day trading limits in Indonesia,  very little volumes have been transacted compared to the shares released from lockup.


GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

<ul>
<li>Block share price continued to underperform on a risk-adjusted basis, even it delivered double digit returns.</li>
<li>Topline growth is slowing down as macroeconomic environment is no longer supportive and competition intensifies.</li>
<li>Block's business model seems ill-positioned to deliver, according to the company.</li>
</ul>


Block share price continued to underperform on a risk-adjusted basis, even it delivered double digit returns.
Topline growth is slowing down as macroeconomic environment is no longer supportive and competition intensifies.
Block's business model seems ill-positioned to deliver, according to the company.


Block: The Highly Uncertain Pivot Of The Business

<ul>
<li>The <a href="https://www.afr.com/street-talk/tyro-payments-suitor-potentia-capital-ups-bid-to-1-60-a-share-20221211-p5c5ek" target="_blank" rel="noopener">AFR reports</a> that Potentia has increased its offer for <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> by 26.0% from A$1.27 to A$1.60 per share, a 62.4% premium to the undisturbed price.</li>
<li>The revised offer remains light and likely to be rejected again by the Board. Grok’s get-out clause with Potentia now sets the floor price of a competing bid at A$1.85.</li>
<li>Potentia’s revised bid is the catalyst for the other rumoured suitors (<a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a> and Moneris) to get their act together. A competing offer of around A$2.00 is possible. </li>
</ul>


The AFR reports that Potentia has increased its offer for Tyro Payments (TYR AU) by 26.0% from A$1.27 to A$1.60 per share, a 62.4% premium to the undisturbed price.
The revised offer remains light and likely to be rejected again by the Board. Grok’s get-out clause with Potentia now sets the floor price of a competing bid at A$1.85.
Potentia’s revised bid is the catalyst for the other rumoured suitors (Westpac Banking (WBC AU) and Moneris) to get their act together. A competing offer of around A$2.00 is possible. 


Tyro Payments (TYR AU): Potentia Returns with a A$1.60 Offer

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Block (SQ US)

Fiserv: Market Sentiment Is Catching Up After Recent Earnings

Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company's latest results.

Vladimir Dimitrov, CFA

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

GoTo pre-IPO shareholders were released from the lockup on 1st Dec 2022, which led to a 47% slide in its share price. While the stock has...

Sumeet Singh

Block: The Highly Uncertain Pivot Of The Business

Topline growth is slowing down as macroeconomic environment is no longer supportive and competition intensifies. Block's business model seems ill...

Vladimir Dimitrov, CFA

Tyro Payments (TYR AU): Potentia Returns with a A$1.60 Offer

Potentia's revised offer continues to remain light. Potentia’s latest move is the catalyst for other suitors such as Westpac and Moneris (rumoured)...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)