PayPal Holdings, Inc. Thesis

PayPal is a global leader in digital payments. Its moat is built on a two-sided network of consumers and merchants, and a trusted brand. However, the company faces intense competition from new fintech players and established credit card networks. The investment thesis hinges on the new management's ability to innovate and re-accelerate growth. The launch of new features and a focus on improving the checkout experience are key initiatives. The valuation has become more attractive, reflecting the current challenges.