Analyst Note
| Brett Horn, CFA |Narrow-moat Square reported a good fourth quarter and finished the year a little ahead of our expectations. However, we remain comfortable with our $78 fair value estimate, which we will maintain. While we recognize the uncertainty inherent in deriving a long-term valuation for a high-growth, scalable business that has yet to achieve sustainable profitability, we continue to believe the current market price implies a very optimistic view of Square’s long-term prospects.