Global Payments Can Maintain Its Competitive Position

We believe the market is overly concerned about disruption to incumbent payment players like Global Payments. In our view, Global Payments continues to benefit from a strong competitive position, is adapting to a changing industry and can maintain reasonable growth over time. Additionally, we think upcoming moves to streamline the business and focus on capital return could be long-term positives. While peer Worldpay struggled under FIS' roof, we think that was due to underinvestment, an issue that we don't believe applies to Global Payments.