FY17 guidance maintained

Paysafe traded as expected during Q117 and management maintains its guidance for FY17 revenue growth and EBITDA margins. Cash conversion remains strong with net debt reducing as expected. The stock continues to trade at a c 30% discount to its peer group on EV/EBITDA and P/E multiples, which in our view is excessive. Continued steady progress in growth and cash generation as well as a reduction in the relative contribution from the company's largest merchant should help to reduce this discount.