Global Payments Inc GPN

Global Payments Maintains a Solid Competitive Position

We believe the market is concerned about disruption to incumbent payment players like Global Payments. In our view, though, Global Payments continues to benefit from a strong competitive position and is successfully adapting to a changing industry. Additionally, we think upcoming moves to streamline the business and focus on capital return could be long-term positives. While Worldpay struggled under FIS' roof, we think that was due to underinvestment, an issue that we don't believe applies to Global Payments.