软件与支付的最新动态；与Infinicept联合创始人的炉边谈话要点

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 Company Valuation/RisksAdyen N.V.Our PT is based on our DCF analysis. Risks to our price target include slowdown in volume growth due to increased competition, macro, and failedadoption of new product launches (embedded finance), and disruption by mega-tech insourcing payments.Fidelity National Information Services, Inc.Our $80 price target is based on a ~13x P/E multiple on our FY26 EPS estimate. Risks include macro, regulatory, competition, and consolidationGlobal 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.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.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Please see important disclosure information on pages 2 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 11, 2025 19:42 P.M.June 12, 2025 0:01 A.M.2 Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' metho