CPAY - Cross-Border Teach-In: Large TAM, Durable Growth, Thoughts on Stablecoin

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CPAY - Cross-Border Teach-In: Large TAM, Durable Growth, Thoughts on Stablecoin

Payments, Processors, & IT Services

FLASH

FLASH: CORPAY, INC. (CPAY) May 13, 2026

CPAY - Cross-Border Teach-In: Large TAM, Durable Rating:

Growth, Thoughts on Stablecoin Outperform

Price:

●This afternoon, Corpay hosted a Cross-Border teach-in which provided $331.25

incremental detail on one of the company’s key growth engines, which now Price Target:

$375 represents ~30% of total company revenue. We see the Cross-Border sub- % Upside:

segment and Corporate Payments more broadly as a large and durable 13.2%

business with a long runway and little disruption potential from stablecoins/

Source: FactSet, Wolfe Research

digital currency. Priced as of 05/13/26

●Market Opportunity: CPAY framed the opportunity around the structural

gap created by the banking market, with Tier 2-4 banks' strength being in

domestic lending, cash management, and local banking, but often lacking

the global reach, FX depth, and modern XB tech needed to support clients Darrin Peller

with increasingly international operations. Corpay is targeting businesses with dpeller@wolferesearch.com

$20mn-1bn in revenue, and sized the mid-market XB revenue opportunity at ~ (646) 582-9310

View Darrin’s Research $161bn, where it still has <1% share today. View CPAY Model

View Comp Table

●Business Model & Moat: Management described the XB business as providing Josefina Ruggieri

3 core services: global payments, FX risk management, and multi-currency bank jruggieri@wolferesearch.com

(646) 582-9309

accounts. Importantly, CPAY emphasized that the value prop is not just about

moving money, but about handling the broader regulated workflow around the Daniel Krebs dkrebs@wolferesearch.com

transaction.