PayPal Holdings, Inc. PYPL

PayPal is a cash‑rich, globally scaled payments platform with real but contested advantages. The engine is healthy—21% FCF margin in 2024, low‑teens ROIC, conservative leverage—and there are clear levers working now (branded checkout uplift, Venmo’s move into commerce, BNPL distribution). Bigger swings—PayPal World interoperability and a new ads surface—could add meaningful upside if executed well. Our blended fair value sits in the low‑to‑mid $80s versus a ~$70 share price, which offers sensible upside but not a free lunch. This looks like a good business that can compound, with the next 12–24 months of execution likely to decide whether it’s merely steady or something more special.