Nuvei Corporation (TSX:NVEI) is a Montreal-based company that provides payment technology solutions to merchants and partners around the world. Its shares were down 0.9% in mid-afternoon trading on August 19. The stock has climbed 77% in the year-to-date period.
Shares of Nuvei received a big bump after the release of its second-quarter 2021 results. The company reported total volume of $21.9 billion – up 146% from the prior year. Meanwhile, its e-commerce business represented 84% of total volume. Revenue increased 114% to $178 million while adjusted EBITDA came in at $79.4 million – up 112% from Q2 2020.
Nuvei ended the quarter with $533 million in cash – up from $180 million as at December 31, 2020. Revenue in the year-to-date period has increased 97% to $328 million. Meanwhile, adjusted EBITDA has posted growth of 105% to $144 million. Adjusted net income has soared to $115 million or $0.79 per diluted share – up from $26.0 million or $0.29 per diluted share in the second quarter of 2020.
The company delivered triple-digit increases in total volume in all four of its major reasons. This illustrates how explosive the payment technology solutions market has grown, especially since the beginning of the pandemic. That growth has fueled a big run for this relative newcomer to the TSX.
Nuvei is a TSX stock that has the potential to richly reward its shareholders over the course of this decade. It is not too late to snatch up the stock today.
