Investment Research report

Nuvei Corp.

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Nuvei Corp.
Fool Me Once, Twice, But Not Three Times
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Nuvei Corp.
Fool Me Once, Twice, Three Times But Not Four
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Research Overview

S&P 500
Financial Services
Apr 18, 2023

Nuvei Corp. (TSX and Nasdaq: NVEI) is a Montreal-based payment technology solutions provider to merchants and partners, predominantly in North America and Europe. In a report released December 8, 2021, Spruce Point previously outlined concerns about management’s biographical misrepresentations, dubious acquisitions, exposure to high-risk and ESG-unfriendly industries and its high likelihood of failing to meet aggressive financial expectations. The stock subsequently collapsed by 75% (more than Spruce Point’s 60% maximum downside estimation) and Nuvei revised both short and long-term guidance lower. However, Nuvei’s share price is up 67% YTD 2023 on what we believe is the false hope that the worst is behind it, financial targets are more attainable, its recent Paya acquisition will succeed and that its valuation is inexpensive.

Our latest concerns that we outlined in our new report include:

  • Evidence that Nuvei obscured the extent of its digital and crypto exposure, had an FTX partnership and reportedly also an FTX equity interest
  • Questions why Nuvei hired FTX’s former Global Head of Payments as an SVP
  • Nuvei’s $1.3 billion levered acquisition of Paya Holdings appears to be troubled from numerous angles
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