PYPL - eBay's Managed Payments Imply More Than 31% Upside Potential

• eBay is a global commerce leader currently giving access to 185 million buyers worldwide.
• With the new payments platform that the company is now offering in the U.S., the U.K., Germany, Australia, and Canada, I believe that sales growth and FCF margin could accelerate.
• The management also announced expansion plans to France, Italy, and Spain. In my view, as the company decides to offer the new platforms in new countries, the revenue could increase.
• I included sales growth of 5%-4%, which means that in 2025, revenue would stand at $12.6 billion. The company’s EBITDA would also grow from $3.97 billion to more than $4.8 billion.
• The company is expected to receive $3 billion in cash by year-end or early 2022 from the sale of a meaningful stake of Korea eBay.

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