Corpay Inc: 2026 MS Financials Conference Recap – Diamond in the Rough

Research evidence excerpt

Corpay Inc: 2026 MS Financials Conference Recap – Diamond in the Rough

Update

June 10, 2026 09:30 AM GMT

Morgan Stanley & Co. LLCMCorpay Inc | North America Michael N Infante

Equity Analyst

2026 MS Financials Conference Michael.Infante@morganstanley.comJames E Faucette +1 212 761-4631

James.Faucette@morganstanley.com +1 212 296-5771

Recap – Diamond in the Rough Meryl R Thomas, CFA

Research Associate

Meryl.Thomas@morganstanley.com +1 212 761-0774

Our conversation with CFO Peter Walker reinforced our Shefali Tamaskar

confidence in the durability of CPAY's 10% organic revenue & Research Associate

Shefali.Tamaskar@morganstanley.com +1 212 761-4948

20% cash EPS growth profile, the value prop of its cross-border

business, and the capital-allocation flexibility awarded by

substantial FCF generation. Remain OW with $400 PT.

We would greatly appreciate your support in the Payments, Processors, and IT

Services category in this year's All-America Extel survey. To request a ballet, please Corpay Inc (CPAY.N, CPAY UN)

go to https://www.extelinsights.com/voting. Thank you so much! - Michael & James Payments and Processing | United States of America

Stock Rating Overweight

We hosted Corpay's Chief Financial Officer, Peter Walker, at our 2026 Morgan Industry View Attractive

Price target $400.00

Stanley Financials conference. We outline our key takeaways here: Shr price, close (Jun 9, 2026) $357.84

Mkt cap, curr (mm) $23,981

• 10% organic growth looks increasingly durable. The algorithm is supported 52-Week Range $367.30-253.37

by 20% annual sales investment, retention improving toward 93.5% as mix Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

shifts to Corporate Payments, and still underpenetrated TAMs across ModelWare EPS ($) 15.06 21.11 24.92 29.55

Prior EPS ($)** - - - -