Global Payments Inc.

“Global Payments generates real free cash flow in a secularly growing market, but its investment case is fatally undermined by $21.8B of pro-forma net debt post-Worldpay, goodwill exceeding market capitalization, ROIC well below WACC, and a management team with a demonstrated decade-long pattern of value destruction through overpriced acquisitions — making the optically cheap valuation a structural value trap rather than a genuine margin of safety.”