Global Payments Update

Cheap based on the P/E level, on an EV/FCF basis not so much

I am currently screening for interesting companies and in the process, Global Payments caught my eye (not in the positive sense). Net debt increased from 12.7 to 16.2 billion USD in Q1/23. With a market cap of $27B, this is a significant increase.

The debt came from the acquisition of Evo Payments. EVO was acquired for $4B, a premium of about 40% to its …