Priority Technology Holdings – Cheap Growth Story With Attractive Upside (NASDAQ:PRTH)

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Source: Self-created

Investment Thesis

PRTH is the 11th largest merchant acquirer in the US, trades cheap to comps, has returned to growth, and potentially has 2-3x upside from current prices. Many of the headwinds have been cycled and as the market realizes the story should converge to comps.

Situation Overview

PRTH has had a challenging 2 years with a damaging change in Mastercard e-commerce standards, accounting revision, and COVID. Since then, multiple things in the story have now changed that deserve a 2nd look. First, the company grew organically and cycled MA/V related subscription e-commerce changes in 4Q. Second, they hired a

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