Today's strong trading update reaffirms our confidence in the growth characteristics and business model of this company. While there is a risk that the economic outlook in FOUR's core US market may worsen, we view our current forecasts as undemanding given performance in the year to date, although still demonstrating considerable growth. Trading on a forward P/E of 20.5x for FY2023E falling to 19x for FY2024E, ratings remain relatively compressed compared with historic levels for the stock and, ....
