11/18/25 :: VROCKSTAR :: 
PAYC
Consolidating into others
- We're in the season where the big $ is made. 2H of 4Q and 1H of 1Q. Weird stuff always seems to happen "now", if you've not already noticed.
- I still likePAYC so i'll leave it as a "buy" and do think it works in time
- But realistically I'm looking to own the "best" of a particular sector and perhaps if I can't decide (as was the case w/ NVDA and TSM coming into the year), i'll own both
- I think the recent
DLO results highlighted that this will be my "payments" or payment-adjacent+ (as is the case w/ PAYC) exposure name of most interest
- It grows at 2.5x PAYC
- PE is 15x 2025 (vs. 16x for PAYC) and what i'd consider (in the case of DLO) best in class mgmt (btw i think payc mgmt is actually A-tier too)
- Then you add in DLO's one-of-one emerging market status and that 6 of the 7 mag7s work with them and they're growing w/ each account. ppl this past q "didn't like the take rate" - but honestly... it's going lower... get used to it... and the top line will continue to compound >20% and they'll throw off a ton of cash
- v hard to replicate what DLO has built, for now
- so while ultimately payments, software etc. is a v difficult thing to own and I think ETH "eats" it all, i don't think the mkt sees any of this rn and i think the setup for DLO to outperform into 2026 given it's $3bn mcap is great.
- gl to the payc holders, take a look at DLO and lmk
V
PAYCConsolidating into others
- We're in the season where the big $ is made. 2H of 4Q and 1H of 1Q. Weird stuff always seems to happen "now", if you've not already noticed.
- I still like
PAYC so i'll leave it as a "buy" and do think it works in time- But realistically I'm looking to own the "best" of a particular sector and perhaps if I can't decide (as was the case w/ NVDA and TSM coming into the year), i'll own both
- I think the recent
DLO results highlighted that this will be my "payments" or payment-adjacent+ (as is the case w/ PAYC) exposure name of most interest- It grows at 2.5x PAYC
- PE is 15x 2025 (vs. 16x for PAYC) and what i'd consider (in the case of DLO) best in class mgmt (btw i think payc mgmt is actually A-tier too)
- Then you add in DLO's one-of-one emerging market status and that 6 of the 7 mag7s work with them and they're growing w/ each account. ppl this past q "didn't like the take rate" - but honestly... it's going lower... get used to it... and the top line will continue to compound >20% and they'll throw off a ton of cash
- v hard to replicate what DLO has built, for now
- so while ultimately payments, software etc. is a v difficult thing to own and I think ETH "eats" it all, i don't think the mkt sees any of this rn and i think the setup for DLO to outperform into 2026 given it's $3bn mcap is great.
- gl to the payc holders, take a look at DLO and lmk
V
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.