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>The Company posted muted revenue growth in Q1 2025, though margins showed improvement both YOY and sequentially.</li>
<li>Block trades at a discount to peers with a P/E of 11.3x vs. peer average of 26.4x. However, its TTM EBITDA margins (13.1%) are lower than the peer group average.</li>
<li>The guidance suggest focus on improving profitability as evident by improving margin outlook.</li>
</ul>


The Company posted muted revenue growth in Q1 2025, though margins showed improvement both YOY and sequentially.
Block trades at a discount to peers with a P/E of 11.3x vs. peer average of 26.4x. However, its TTM EBITDA margins (13.1%) are lower than the peer group average.
The guidance suggest focus on improving profitability as evident by improving margin outlook.


Block Inc. (XYZ) 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

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Block has demonstrated a noteworthy performance for the fourth quarter of 2024, highlighted by its significant growth in gross profit alongside strategic advances in both Square and Cash App functionalities.</li>
<li>The company, formerly Square Inc., has expanded its capabilities by evolving Square from a mere payments tool into a comprehensive commerce platform and enriching Cash App's financial services.</li>
<li>The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.</li>
</ul>


Block has demonstrated a noteworthy performance for the fourth quarter of 2024, highlighted by its significant growth in gross profit alongside strategic advances in both Square and Cash App functionalities.
The company, formerly Square Inc., has expanded its capabilities by evolving Square from a mere payments tool into a comprehensive commerce platform and enriching Cash App's financial services.
The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.


Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

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

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>Jack Dorsey's interest in understanding what was happening in neighborhoods led him to programming</li><li>The original vision for Twitter was simply to be able to see what friends were doing and share updates</li><li>The development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Jack Dorsey's interest in understanding what was happening in neighborhoods led him to programmingThe original vision for Twitter was simply to be able to see what friends were doing and share updatesThe development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

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)

Block Inc. (XYZ) Financial Factsheet - Growth, Valuation and Peer Comps

Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...

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

Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.

Baptista Research

[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

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

- The speaker's interest in understanding neighborhoods led to the development of Twitter, which evolved based on user interactions and the need...

In Good Company with Nicolai Tangen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Block Inc. (XYZ) Financial Factsheet - Growth, Valuation and Peer Comps

​Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...

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

Block Inc: Is The Growth in Gross Payment Volume Here To Stay?

The organizational restructuring is aimed at enhancing execution velocity, enabling the company to swiftly adapt and innovate within its roadmap.

Baptista Research

[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

Block CEO: Twitter Evolution, Bitcoin and Digital Freedom

- The speaker's interest in understanding neighborhoods led to the development of Twitter, which evolved based on user interactions and the need...

In Good Company with Nicolai Tangen

Block Inc. saw modest revenue growth in Q1 2025, but margins improved year-over-year and sequentially. The FY25 guidance suggests further...