Bauch's Bullets

Research evidence excerpt

Bauch's Bullets

June 26, 2026 | 15:07 ET~

Payments, Processors, & FinTech

Bauch's Bullets Payments, Processors, & FinTech

Andrew Bauch, CFA, CPA Analyst

andrew.bauch@bmo.com (929) 594-1731

Conan Leon VP Associate

Bottom Line: conan.leon@bmo.com (212) 671-8003

This week, we marketed in Chicago and caught up with investors and management Andrew Estes Associate

teams. In this week's bullets we unpack the top two debates and questions from andrew.estes@bmo.com (646) 438-3717

investors for each of our covered names over the last several weeks. Legal Entity: BMO Capital Markets Corp.

Key Points What's Inside

Bauch's Bullets is our weekly unpacking of the week

• ADYEN – Is Adyen’s newly found acquisition strategy a response to slowing core that was in Fintech, and a source for activities/events

growth/heightened competition, and can the businesses new capabilities lead to

for our team in the week ahead.

share gains above the current run rate?

• AFRM – Now that the refreshed (and raised) medium-term guidance is in place, 40 Global X Fintech ETF

what are the next catalysts for the shares? In addition, is the low-end consumer

stable enough for the shares to work for the remainder of 2026? 35

• CHYM – Will CHYM be successful in appealing to more affluent consumers via 30 900800

600 Chime Prime? To that end, when (and if) will these offerings be accretive to TM? 700 500 25 400

• FISV – Is the recent leadership change a signal of underlying choppiness in the 300200100

business? Is the 2H acceleration implied by guidance ambitious or realistic? 20 Dec Jun Dec Jun 0

LHS: Price / RHS: Volume (k) Source: FactSet

• FOUR – Was the decision to maintain guidance last quarter aggressive

considering the Iran conflict? What synergies are required for the Global Blue