Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.</li>
<li>Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.</li>
<li>AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.</li>
</ul>


AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.
Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.
AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.


Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

Fidelity National Info Serv / Equity Bottom-Up

<ul>
<li>FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.</li>
<li>During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.</li>
<li>FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.</li>
</ul>


FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.


Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

<ul>
<li>The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.</li>
<li>The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.</li>
<li>Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.</li>
</ul>


The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.


Global Payments Inc. (GPN) Financial Factsheet - Growth, Valuation and Peer Comps

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 2 May, <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> disclosed receiving a third non-binding scheme proposal from another international strategic at NZ$1.20 (A$1.12), 20% premium to the <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> offer.</li>
<li>Smartpay previously disclosed a NZ$1.00 cash/scrip bid from Tyro and an undisclosed offer from an international strategic (rumoured to be <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>). </li>
<li>Smartpay was susceptible to bids due to the RBA’s surcharge review, but the shareholder structure necessitates an attractive offer. The NZ$1.20 offer is attractive.</li>
</ul>


On 2 May, Smartpay Holdings (SPY NZ) disclosed receiving a third non-binding scheme proposal from another international strategic at NZ$1.20 (A$1.12), 20% premium to the Tyro Payments (TYR AU) offer.
Smartpay previously disclosed a NZ$1.00 cash/scrip bid from Tyro and an undisclosed offer from an international strategic (rumoured to be Shift4 Payments (FOUR US)). 
Smartpay was susceptible to bids due to the RBA’s surcharge review, but the shareholder structure necessitates an attractive offer. The NZ$1.20 offer is attractive.


Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

Global Payments Inc. (GPN) Financial Factsheet - Growth, Valuation and Peer Comps

GPN's Q1 2025 results show solid growth in adjusted EPS and operating margin. FY:25 guidance suggests double digit adj. EPS growth for the year....

GSBR Research

Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

Due to the RBA’s surcharge review, Smartpay was susceptible to bids. Three bidders increase the odds of one converting to a binding proposal.

Arun George

[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

The S&P500 is tough to predict (more often than not) because they pick from two pools, and use discretion. The "usual suspects" from last month are...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

​AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

​FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

Global Payments Inc. (GPN) Financial Factsheet - Growth, Valuation and Peer Comps

GPN's Q1 2025 results show solid growth in adjusted EPS and operating margin. FY:25 guidance suggests double digit adj. EPS growth for the year....

GSBR Research

Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

Due to the RBA’s surcharge review, Smartpay was susceptible to bids. Three bidders increase the odds of one converting to a binding proposal.

Arun George

[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

The S&P500 is tough to predict (more often than not) because they pick from two pools, and use discretion. The "usual suspects" from last month are...

Travis Lundy

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...