PSFE - Starting the Year with Solid Execution

研报英文原文证据摘录

PSFE - Starting the Year with Solid Execution

Payments, Processors, & IT Services

Payments & Processors - Market Overweight

PAYSAFE (PSFE) May 13, 2026

PSFE - Starting the Year with Solid Execution Rating:

Peer Perform

The Wolfe Byte Price: $9.34

PSFE shares were +7% vs. S&P +1% following 1Q results which beat on revenue Price Target:

and EPS but were just below on EBITDA, with FY26 guidance reiterated. We see NA

PSFE making progress on its initiatives (notably in Wallets) but await further proof View PSFE Model

of execution and remain PP rated. View Comp Table

Company Information

●Results/Guide: 1Q revenues beat the Street by ~4%, while adj. EBITDA came 52-Week Range $6 - $15

Market Cap. (MM) $479

in slightly below and adj. EPS beat by 10%. Organic revenue growth was 8% Enterprise Value (MM) $2,950

(6% excluding a data licensing deal), compared to ~4% in 4Q. Both segments Shares Out. (MM) 51.3

outperformed on revenue, particularly Digital Wallets (+6% vs. Street). The Avg. Value Traded (MM) $2.54 SI% of Float 14.0%

company's 2026 guidance was reiterated. PSFE noted it expects ~4% growth in

2Q (given 1Q had the licensing deal, FX tailwind, and seasonally high iGaming 16

volumes) and a seasonally strong 4Q across both segments. PSFE also expects 14

Opex to be weighted to 1H (including marketing and IT investments), with 1H 12

adjusted EBITDA roughly flat Y/Y. PSFE also noted reducing leverage remains 10

a priority this year. 8

●We're constructive on the trends PSFE is seeing in Digital Wallets and Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

PSFE continued eComm momentum, though we remain Peer Perform rated Source: FactSet

pending further evidence of execution (notably on Direct/ISO mix and 2H

Priced as of 05/13/26

margins).