M&A and Organic Execution Support Momentum

Research evidence excerpt

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M

Update

August 5, 2026 11:02 AM GMT

Morgan Stanley & Co. LLC

Evertec Inc | North America

James E Faucette

Equity Analyst

M&A and Organic Execution

Support Momentum

Shefali Tamaskar

Research Associate

Meryl R Thomas, CFA

Equity Analyst

What’s Changed

Evertec Inc (EVTC.N)

From

To

Price Target

$25.00

$34.00

Michael N Infante

Equity Analyst

Evertec Inc (EVTC.N, EVTC UN)

AlphaSignals Earnings Reaction

Payments and Processing | United States of America

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Encouraged by 2Q beat and raise, margin durability and

continued LatAm diversification through organic strength and

recent acquisitions. We remain focused on growth durability as

M&A contribution normalizes. Remain EW, PT to $34.

Key Takeaways

2Q beat and FY26 raise led by LatAm and Merchant Acquiring strength, plus an

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

Equal-weight

Attractive

$34.00

$32.55

$2,352

$37.71-21.85

12/25 12/26e 12/27e 12/28e

3.61

8.1

3.57

0.7

4.01

3.93

8.1

3.92

0.9

4.47

4.45

7.3

4.34

1.2

4.96

4.89

6.6

4.83

1.2

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

FX tailwind; Business Solutions remained the primary offset.

Transbank and Clip bolster the organic pipeline, while Dimensa, Tecnobank and

BBChain broaden EVTC’s faster-growing LatAm platform.

Margins held within the 39-40% target range despite the Popular discount and a

greater mix of lower-margin LatAm revenue.

Remain EW, PT to $34

Next Catalyst: 3Q26 EPS (reported 11/6 last year)

Modest beat and raise led by LatAm and Merchant Acquiring; encouraged by

margin durability. Shares up ~4% AMC following a modest 2Q beat and FY26 raise,

…