J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Equity Bottom-Up

<ul>
<li>The Marqeta house of cards may come tumbling down: an FBI investigation could prompt MQ to lose up to 70% of its business.</li>
<li>Future revenue looks​ weak for this “dinosaur” of a payments-processing company.</li>
<li>Marqeta (MQ) is (mostly) a payment processor. MQ helps fintechs host their own payments tools by contracting with a Banking as a Service (BaaS) partner bank to manage client deposits. </li>
</ul>


The Marqeta house of cards may come tumbling down: an FBI investigation could prompt MQ to lose up to 70% of its business.
Future revenue looks​ weak for this “dinosaur” of a payments-processing company.
Marqeta (MQ) is (mostly) a payment processor. MQ helps fintechs host their own payments tools by contracting with a Banking as a Service (BaaS) partner bank to manage client deposits. 


Marqeta (MQ): Dinosaur of a Payments Processor

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful</li>
<li>Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list</li>
<li>We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples</li>
</ul>


In 1H23 and in the early part of 3Q23, our longs – Visa, Wise and PagSeguro – delivered positive returns; our shorts, DLocal and Kakao Pay, were also modestly successful
Ahead of results to June 2023, we retain card network megacap Visa as a core holding, as well as PagSeguro; we add PayPal and drop Wise from the buy list
We keep our negative view on DLocal and add Affirm, given high take-rates and  premium valuations; we stick with our negative on Kakao Pay due to its lofty multiples


Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul>
<li>Marqeta Inc., of which I will denote as MQ for the remainder of this report, in essence, has created and operates a modern card issuing platform</li>
<li>MQ is valued relatively richly relative to their projected top-line growth amongst their peers and that profitability on the EBIT level doesn’t appear to be in site within the next few years</li>
<li>MQ represents an opportunity to get exposure to all avenues of fast-moving Modern Fintech ranging from BNPL to Crypto as well as to members of the Experience Economy</li>
</ul>


Marqeta Inc., of which I will denote as MQ for the remainder of this report, in essence, has created and operates a modern card issuing platform
MQ is valued relatively richly relative to their projected top-line growth amongst their peers and that profitability on the EBIT level doesn’t appear to be in site within the next few years
MQ represents an opportunity to get exposure to all avenues of fast-moving Modern Fintech ranging from BNPL to Crypto as well as to members of the Experience Economy


United States

Marqeta, Inc. develops and publishes a commerce payments platform. The Company offers an online-to-offline multi-merchant prepaid debit card solution that enables merchants to capture greater customer loyalty. Marqeta markets its products and services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Marqeta (MQ US)

Marqeta (MQ): Dinosaur of a Payments Processor

The Marqeta house of cards may come tumbling down: an FBI investigation could prompt MQ to lose up to 70% of its business.

J Capital Research

Payment Companies – 1H 2023 in Review, Our High Conviction Calls for 2H 2023

Our 2H 2023 payments company longs are card network megacap Visa, value play PagSeguro and PayPal with our short calls being DLocal, Kakao Pay and...

Victor Galliano

Marqeta Inc: In-Depth Analysis

I will be completing an in-depth analysis on Marqeta Inc. Within I will discuss the key trends and tailwinds the company aims to benefit from ...

MT Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)