Paymentus: 2Q26 Recap - Familiar Beat and Raise Driven By Enterprise-led Momentum; FY26 Guide Still Beatable

研报英文原文证据摘录

Paymentus: 2Q26 Recap - Familiar Beat and Raise Driven By Enterprise-led Momentum; FY26 Guide Still Beatable

Tien-tsin Huang, CFA AC North America Equity Research

(1-212) 622-6632 04 August 2026 J P M O R G A N

tien-tsin.huang@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We like Paymentus as a modern bill payment disrupter in a

market dominated by legacy providers, evidenced by our robust

net revenue forecasted CAGR of 17% through 2029.

Expectations for premium growth are high, bolstered by

optimism that partnerships with banks (like JPMC and several

mid-tier banks/credit unions) and FinTechs (like PayPal) can

accelerate growth and widen the funnel. We like the prospects

and appreciate exposure to largely non-discretionary verticals,

but we acknowledge an inflationary environment could pressure

YTD 1m 3m 12m customers’ IT budgets, while also presenting an interchange-

Abs 9.3% 27.6% 24.4% 22.0% driven headwind to gross profit; we think seeing more flow-

Rel -10.8% 28.0% 18.3% -12.8%

through (in terms of EBITDA dollars) could get us more positive

Company Data considering the bill pay space does not lend well to being a

Shares O/S (mn) 129 significant beat-and-raise type of stock, acknowledging the

52-week range ($) 39.38-20.11 company does appear to be in a solid bookings/implementation

Market cap ($ mn) 4,461.69

Exchange rate 1.00 groove recently. We rate Paymentus Neutral.

Free float (%) 90.0%

Valuation3M ADV (mn) 1.06

3M ADV ($ mn) 27.2 We establish a December 2027 price target of $37, which applies

Volatility (90 Day) 54 a ~8x multiple on our CY28E gross profit of $536.4M, which sits

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 4|3|0 towards the upper end of the 3-12x range covered payments/