Square: Cash Rules Everything Around Me
This note is a follow up to our deep dive on Square from earlier in the month. The quarter’s results were strongly supportive of our long thesis,...
279 Views
Square: Impending Return to Darling Status
Summary: Square, an AI first commerce ecosystem provider, has uniquely married enterprise grade software, payment processing, and personal...
416 Views
Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020
Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...
656 Views
MercadoLibre (MELI) - FinTech Operations Opex Pressures to Weigh on Consensus Estimates
We see further scope for consensus earnings and EBITDA disappointment at MercadoLibre Inc (MELI US) In the FinTech operations, where MELI is...
429 Views
Brazil Payment Companies; Rotating from Growth to Value - Buy Cielo, Sell Pagseguro, StoneCo
We upgrade Cielo SA (CIEL3 BZ) to a buy, and downgrade Pagseguro Digital Ltd (PAGS US) and StoneCo Ltd (STNE US) to sell Cielo is starting to...
775 Views