税收法案有利于健康储蓄账户；激进投资者推动增加战略行动的可能性

Trevor Williams * | Equity Analyst(415) 229-1546 | twilliams3@jefferies.comAlexander Glockner * | Equity Associate+1 (415) 229-8729 | aglockner@jefferies.comRyan Levine * | Equity Associate+1 (415) 229-1512 | rlevine4@jefferies.com SoTP with a Beneftis spin could be ~$150 per share if Benefits at 12.5x EBITDA (~2.5x discount to HQY);assumes 6.5x for Mobility, and 5x on Corporate Payments (does not factor in tax leakage or RemainCo dis-synergies).$ in mnexcept per shareFY26E Segment Adj. EBITDASubtract:Corp. ExpenseSubtract:Dis-Synergies (JEFe)FY26E Adj. EBITDAEV/EBITDA MultipleEnterprise ValueSubtract: DebtAdd: CashEquity ValueShares OutstandingImplied Per Value ShareSource: Company filings, Jefferies EstimatesPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionWEXWEX is a provider of commercial payment processing and information management solutions. The company’s two primary lines of business are: 1)vehicle fleet fuel payment cards, which provide commercial and government fleet operators with payment and information management solutions,and 2) virtual payment credentials, which are used by online travel agencies, healthcare providers, and insurance agencies to facilitate back-officepayments. The company also provides other payment-related solutions such as corporate purchasing cards, paycards, and telematics. WEX isheadquartered in South Portland, MECompany Valuation/RisksWEXOur $130 price target is based on ~8x our FY26 EPS estimate. Risks include fuel price volatility, leverage, and macro.Global Payments, Inc.Our $75 price target is based on ~5x our pro-forma 2026E adj EPS estimate. Risks include macro, consumer spending, regulatory environment,competition.HealthEquity, Inc.Our price target is based on ~17x C26E EBITDA, which we believe is appropriate given the current market volatility and the potential for rates to movelower. Risks include: 1) the lingering effects of the pandemic, which could continue to weigh on the business; 2) interest rate risk; 3) competitivelandscape; and 4) regulatory changes that impact our estimates.Analyst Certification:I, Trevor Williams, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Alexander Glockner, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ryan Levine, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment bankingservices from non-investment banking, securities related compensation for client services it provided to Global Payments, Inc..Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 28, 2025 22:24 P.M.May 29, 2025 0:00 A.M.3 The expected total return (price appreciation plus yield) for