Acquiring Analyst Report Trends and Themes - …获得分析报告趋势和主题u2014u2014u2026.pdfVIP

Acquiring Analyst Report Trends and Themes Prepared by: July 2014 CONFIDENTIAL: This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior approval by First Annapolis Consulting, Inc. Acquiring Analyst Report Findings Introduction First Annapolis examined over 30 recent analyst reports to look for themes and key considerations on the minds of the equity analyst community, one prism into the acquiring industry. 1. First Annapolis examined equity analyst reports and industry commentary articles that either analyzed specific companies or reported on the merchant acquiring industry or payments space in general. 2. In total, the following slides contain information from over 30 analyst reports in Q1 and Q2. a) Company focus: 17 reports b) Industry focus: 15 reports First Annapolis Consulting, Inc. | Confidential | Analyst Trends and Themes 14Jul23 1 Acquiring Analyst Report Findings Summary First Annapolis believes the recent analyst press has six main conclusions. 1. Growth Over Margin: Analysts favored growth-oriented strategies over margin- oriented strategies. 2. ISV (or VAR) over ISO: Analysts were almost unanimously bullish on software developer and VAR strategies and bearish on ISO strategies. 3. Small Merchants Over Large Merchants: Analysts favored a focus on the SME space. 4. Distribution Over Product: There was more discussion on distrib