Paysafe reported strong underlying growth and better than expected profitability in H116. Guidance for FY16 has been raised, driving our estimate upgrades (normalised EPS +7.1% FY16, +6.1% FY17). With the integration of Skrill now complete, the company is free to focus on developing its service offering via technology investment and potentially more acquisitions. The stock continues to trade at a discount to its peer group, despite its strong growth and cash generation.
