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The bull thesis for PayPal is the increasing adoption of digital wallets and PayPal is at the forefront of this shift due to its enormous ecosystem of consumers and merchants. The launch of the SuperApp and management's shift in strategy to focus on engagement will also be key as PayPal looks to drive meaningful ARPU from this digital wallet trend. However, growth is decelerating quickly due to tough YoY comps and a challenging macro environment. Furthermore, competition from other neobanks and digital wallets is heating up, which may add further pressure in terms of growth. However, PayPal has strong brand and network effect moats that should protect the company from the competition. In addition, the recent crash in the stock puts PayPal at the cheapest valuation multiples since its IPO in 2015. The stock price today provides a substantial margin of safety for investors - PayPal is a deep value fintech play.
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