Tomás Carbonell

[Tomás Carbonell @tomascarbonell]

@Crescenta_Inv vuestra web me da error al intentar ponerme en contacto con vosotros via formulario

[Daniel Tello Rivero @dantelriv]

$NKR

Nekkar's subsidiary Techano Oceanlift has been awarded a
contract and will supply a 150-tonnes capacity crane capable of performing
subsea construction work and topside lifting operations.
The contract value is approximately EUR 7.5 million.

https://t.co/3PKr1YNXcB

[Patient Investor @patientinvestor]

Visa is presenting a great buying opportunity here at 24x with 56% net income margin growing EPS 13%.

If you're waiting for 15x... good luck.
$V

[Tomás Carbonell @tomascarbonell]

@creandocartera @lucarnm que alternativas consideras para renta fija?

[Tomás Carbonell @tomascarbonell]

@InversorNovato_ Excelente resumen

[Tomás Carbonell @tomascarbonell]

@pedroleongarci2 Great insights Pedro, thanks for sharing

[Tomás Carbonell @tomascarbonell]

@GaliciaInvestor Porque en el fondo no se puede meter la mano

[Arturo Lopez 🇪🇺 @LopezPeiro]

La semana pasado hubo bastante conferencias de bancos canadienses y empresas relacionadas con el sector financiero interesantes para seguir el sector:

[Ricardo González @ricardog_77]

$SLYG Interesting article featuring @dougroberson (US COO) about Shelly's new chip and its partnership with Espressif.

A few highlights below 🧵
https://t.co/5rir2U5ma9

[💼 Me Stock Analyst @MeStockAnalyst]

💼Comparto análisis y valoración de la 3ª posición de mi cartera, es una MicroCap Italiana del sector Software y Servicios TI:

✅FOS Spa $FOS 🇮🇹.

👆Valoración con retornos del 30% anual para los próximos años.

Enlace publicación tesis:
https://t.co/4S9tDcEFsn

[Tomás Carbonell @tomascarbonell]

@patientinvestor What's your rationale about it? Based on current valuation vs S&P, others??

[Stock Market Nerd @StockMarketNerd]

A thread on $PYPL's Bull Case, Prospects & Risks:

1. Introduction

1a. PayPal & Checkout Basics

$PYPL grew famous for its easy-to-use online checkout button which allows for the side-stepping of manual data entry to juice shopper conversion. The button was so effective that $EBAY decided to buy it.

Over time, the combined entity’s focus shifted to opening this flow to the rest of e-commerce. This unlocked $PYPL's true potential & led to its explosion as the largest checkout button on the internet. It outgrew $EBAY and was spun off in 2015.

Within the checkout process, PayPal is the payment orchestrator (router) & takes a transaction fee for its role. It boasts an integrated payment gateway with a large vault to auto populate data, expedite transactions & raise authorization. It bundles these talents with processing into one offering. It also serves as a card issuer like a Bank of America or a SoFi but is not a merchant acquirer (AKA an acquiring bank which enables merchants to accept card payments). PayPal uses a large roster of partners for this acquiring bank role.

Gateways provide a software connection to the rest of the payment landscape as effectively a virtual cash register. Gateways collect and encrypt transaction data and send that to the processor. A processor (like Adyen or Stripe) is the workhorse of the value chain. It bridges gateways and merchant banks by moving money through the network, all the way to the actual consumer account and back again. It settles funds and authenticates.

The issuer authorizes the transaction based largely on account balance. Processors authenticate & issuers authorize all in a few seconds. If approved, the issuer will fund the transaction (and debit a consumer’s account) with proceeds sent to the processor, back to the gateway and eventually to a merchant’s account.

Every single party touching the transaction gets a fee. These fees for PayPal are called transaction revenue and consistently make up more than 90% of its total business. PayPal’s complete integrations with the rest of the space mean merchants can pick tools & vendors in an a-la-carte manner. PayPal orchestrates transactions in a way that minimizes merchant cost thanks to this network and the bidding wars it innately fosters.

1b. PayPal Product Philosophy

PayPal enjoys 2 structural growth tailwinds: E-commerce and cash displacement. To extract the most value from these opportunities, its aim with checkout & all product launches since is to build a gigantic 2-sided network. More consumers mean more PayPal value delivered to happier merchants. More merchants mean better loyalty programs and broader usability for consumers. Both sides directly nurture and support one-another and so PayPal’s fixation is on creating 2 healthy sides. From a consumer point of view, this entails perfecting & constantly iterating on its digital wallet (consumer facing product suite). For merchants, it means constant refining of its “commerce platform” (merchant facing product suite).

Fortunately, PayPal’s success is intimately tied to volume. It does better when merchants sell more and when its consumers find more delightful things to buy. This alignment eliminates conflict of interest in a “teamwork makes the dream work” manner. It is with this singular focus that PayPal rounded out its now comprehensive product suite.

Partners are key to PayPal. It’s how the company can provide deep alternative payment method options and orchestrate in the most efficient way possible. As a standard rule, PayPal liberally seeks to partner within commoditized products like a savings account. It takes these capabilities & laces them into its own interface to create a unified experience. If it can provide unmatched value it will do things internally. This mindset created a seamless path for joint go-to-market programs with Visa, BofA and now tech giants such as Apple. Some partners like AmEx see PayPal as so valuable that it actually directly promotes it to its user base.

1c. PayPal Modernization

Under outgoing CEO Dan Schulman, PayPal has been hard at work on moving faster & getting leaner. Its latest digital wallet overhaul took 7 years for an idea of how slow this company once moved. So? Schulman prioritized revamping the company’s tech stack. A company that once released a few dozen software updates per year now releases hundreds per day with its up-time and bug rates both at all time highs despite rising scale.

The upgrade freed it to unify product teams to improve workflows, interoperability and communication. It also allowed PayPal’s talented developers to more effectively work on latency reduction which remains a core initiative today. Just a single second of latency reduction has a material impact on shopper conversion. None of us have any attention span.

This makeover has had an interesting impact on PayPal’s approach to M&A. It once guided to $1-$3 billion in annual acquisitions but removed that note in 2021 due to its rising confidence in the quality of internal development. That’s why it launched a buy now, pay later (BNPL) product mainly on its own (with great success) vs. making a large purchase to participate like some others did. It did buy BNPL vendor Paidy in Japan for $2.7 billion, but most of the development happened internally.

“Three years ago if we wanted a new product, we would have had to buy something for billions. Now, we feel we can do more organically.” — CEO Dan Schulman

Schulman’s other priority has been building world-class compliance and risk management teams. With dynamic, fragmented global laws operating across the world, compliance is hard. And when you’re touching money, trust is imperative. Mastering compliance creates a mini-moat discouraging new entrants to bear the costs to match this tedious skillset. It’s also how PayPal can let merchants sell cross-border across the planet. 2 of 3 PayPal merchants offer cross-border service vs. 5% for all others of similar size. Again, compliance is a complex prerequisite to expand globally. PayPal takes out the headache.

This focus led to things like it being the first foreign entity to ever win a domestic Chinese payments license. They secured it in 6 months. Speaks volumes and lets PayPal open Chinese business up to its ~400M consumer accounts. This license also paved the way for UnionPay and WePay integration across China, Australia, the Philippines etc. A great win and a near-term tailwind as the Chinese economy opens back up. For more evidence, it secured a bank license in Luxembourg to provide most of its services on that continent as well. It didn’t want one in the U.S.

[Tomás Carbonell @tomascarbonell]

@InversionFundam Alguna recomendación por donde empezar a mirar?

[Arturo Lopez 🇪🇺 @LopezPeiro]

Muy interesante la carta Q2 FY23 de @WhiteFalconCap (págs 7-14) donde hacen un análisis de la situación de $EPAM y sector, ventajas competitivas de las empresas del sector y la narrativa IA

https://t.co/qXHWAzzZng

[Arturo Lopez 🇪🇺 @LopezPeiro]

Esta reflexión de Damodaran acerca de la evolución de los mercados en H1 FY23 es interesante “A Time for Humility”

[Tomás Carbonell @tomascarbonell]

@Valerio360 @shelly_IoT Same here

[Tomás Carbonell @tomascarbonell]

@elcorteinglesac @elcorteingles Gracias por la respuesta. Mensaje enviado

[Tomás Carbonell @tomascarbonell]

Vengonzoso @elcorteingles Pedido hecho el día 1 de marzo y sigue sin ser entregado. Numerosos intentos de llamadas (con coste, por supuesto) e e-mails sin ninguna respuestas. La peor experiencia de compra en muchos años.

[Red Hat Iberia @RedHatIberia]

Visita el stand de @PaloAltoNtwks y descubre las últimas novedades en #seguridad , #contenedores y #OpenShift . @tomascarbonell y @JuanluMahoney estarán encantados de atenderte! #RedHatForumMadrid

[Tomás Carbonell @tomascarbonell]

@balloob Go Google Home!