JPM US Payments, Processors & IT Services Comp Sheet

Research evidence excerpt

JPM US Payments, Processors & IT Services Comp Sheet

PAYMENTS, PROCESSORS & IT SERVICES COMPARABLE COMPANY ANALYSIS | TEAM TIEN-TSIN HUANG | JP MORGAN

JPM JPM Today's Market Last Week Last Month Yr-to-Date Last 12M FCF yield Price / adj EPS EV / adj EBITDA EV / gross profit EV / sales

Ticker Rating Target Price Cap Return Return Return Return NTM E 2027E NTM E 2027E NTM E 2027E NTM E 2027E NTM E 2027E

Payments & FinTech

1. Visa V OW $400.00 $323.00 $581,040 3.4% 1.3% (7.9%) (12.9%) 4.6% 4.9% 22.9x 21.0x 17.4x 16.2x 12.3x 11.5x 12.3x 11.5x

2. Mastercard MA OW $655.00 $489.10 $432,240 3.7% (1.3%) (14.3%) (17.0%) 4.0% 4.3% 24.3x 21.8x 18.5x 17.0x 11.7x 10.8x 11.7x 10.8x

3. Block XYZ OW $100.00 $66.60 $39,660 (4.5%) (11.0%) 2.4% 3.3% 7.5% 9.5% 15.5x 12.3x 8.1x 7.0x 3.1x 2.8x 1.5x 1.4x

4. PayPal PYPL N $46.00 $40.70 $35,900 (4.5%) (10.3%) (30.3%) (45.6%) 16.5% 17.2% 7.5x 7.1x 5.8x 5.9x 2.5x 2.5x 1.1x 1.1x

5. Corpay CPAY OW $400.00 $349.00 $22,810 (0.9%) 1.5% 16.0% (0.5%) 8.1% 9.2% 12.5x 11.1x 9.7x 8.8x 6.6x 6.2x 5.2x 4.9x

6. Affirm AFRM OW $80.00 $62.80 $21,050 (5.2%) (1.9%) (15.6%) 3.0% 11.0% 12.4% 16.9x 15.0x 13.3x 11.2x 9.9x 8.5x 4.7x 4.0x

7. Toast TOST OW $38.00 $24.30 $14,090 (3.1%) (3.0%) (31.6%) (43.9%) 5.1% 7.0% 17.9x 14.7x 15.5x 12.8x 6.3x 5.5x 1.7x 1.5x

8. Klarna KLAR OW $20.00 $15.80 $11,140 (6.9%) 8.8% (45.4%) NA 10.7% 3.1% NA 23.9x 20.8x 12.3x 4.9x 4.0x 1.8x 1.6x

9. Chime CHYM OW $34.00 $16.40 $6,260 (6.9%) (10.8%) (34.7%) NA 6.5% 8.7% 60.3x 28.0x 12.5x 9.5x 2.8x 2.5x 2.0x 1.8x

10. WEX WEX N $155.00 $137.40 $4,760 (5.8%) (3.0%) (7.8%) (3.3%) 15.4% 14.1% 7.6x 7.1x 6.5x 6.1x 4.7x 4.5x 2.8x 2.8x

11. Remitly RELY OW $30.00 $18.00 $3,800 (8.6%) (24.9%) 30.7% (9.2%) 9.7% 10.7% 13.0x 12.0x 7.9x 6.8x 2.3x 2.0x 1.5x 1.4x

12.