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Price · 6M
$8.53
Thesis
PagSeguro is a Brazilian payments and digital-banking franchise (PagBank) that, like StoneCo, has spent the last several years working through the post-2021 reset in Brazilian SMB credit. The business remains GAAP-profitable but growth has moderated and the share count overhang from earlier capital raises has weighed on the equity.
Investment thesis is value-and-execution: a still-large active merchant base, a growing digital-banking deposit franchise, and modest re-rating potential if it can deliver consistent earnings growth and capital return. Less differentiated than Nubank, more contested than StoneCo.
Catalysts
- PagBank client growth and deposit balance
- Credit portfolio performance
- Take-rate trajectory in a competitive SMB market
- Share repurchase pace