GPN GPN

The price pays for

• 1. A 5.4% revenue CAGR over the next decade, which requires a sharp reversal from the recent -23.7% reported decline.
• 2. A sustained 26.5% free-cash-flow margin, absorbing the recent 70 basis points of operating-margin expansion but not the higher margins the bulls project.
• 3. The $7.5 billion shareholder return program through 2027, including the $500 million accelerated share repurchase, which supports current earnings per share.
• 4. The near-term 4.5% second-half revenue growth and the $100 million to $200 million Worldpay revenue synergy targets, which the endorsed models explicitly embed.
• 5. The current drag from Middle East travel volumes and IRS payment declines, which the recent guidance cuts have made public knowledge.

It declines to pay for