Thanks for reading Uzo Capital! Subscribe for free to receive new posts and support my work.My sector is really out of favour…a few years ago we commanded growth multiples, now we are deep value.I’m a large cap that recently completed a transformational asset swap. I’m now a more focused and scaled operator, with synergy tailwinds.Over the last 5 years (2021A vs 2026E): my revenues, EBITDA, EPS are all up over 60%…and my stock has fallen over 60%, de-rating from 25x to 5x PE.I’m a mid-single digit organic grower and expect growth to accelerate to high single digits.My EBITDA margins are c.50%, SBC isn’t much of a drag and I don’t exclude it from my adj EPS, so my FCF conversion is excellent…. 90% of adj EPS converts into FCF.My market cap is less than $20bn and I expect to deliver levered adj FCF of $4bn in 2027 and $5bn in 2028, with 2028 expected to be a “clean” year.I’m committed to keeping leverage below 3x, but buybacks are my priority, with about $6bn earmarked across 2026 & 2027.I’m trading on 5x PE 2026 and If I deliver my guided FCF growth, and can funnel FCF to buybacks at today’s multiple, I’m trading on c.3x EPS & FCF per share in 2028. If my FCF flatlines beyond 2028, my EPS would continue to compound at 20% courtsey of low multiple buybacks.In the last 12 months, one of the most respected activist investors (Elliott) bought a sizeable stake. Constructive dialogue with them has culminated in 3 independent directors being added to my board and the establishment of an Integration Committee to oversee my most recent acquisition.During the last earnings call my CEO stated: “if we get to a point after a period of time of integrating the businesses, producing results, returning capital, if the public markets continue to not fairly value the business, I think we owe it to ourselves to look at all alternatives and evaulate all alternatives…there’s an enormous amount of private capital that’s obviously on the sidelines, and then you’re seeing bigger and bigger deals getting done. So it feels like a more feasible option now than it ever has been”.Over the last 6 months, 3 directors have bought stock, totalling $1.3m, paying prices higher than today’s share price.Who Am I?….I’m Global Payments. Ticker: GPN, Date: 17th April 2026, Share Price: $71.For Disclosure: at the time of publication, the author owns call options in GPN. Nothing written is investment advice. Do your own due diligence.UzoThanks for reading Uzo Capital! Subscribe for free to receive new posts and support my work.