Nuvei Corporation (TSX:NVEI) is a Montreal-based company that provides payment technology solutions to merchants and partners in North America, Europe, the Middle East, and around the world. Shares of this tech stock have plunged 46% month-over-month as of close on Thursday, August 30. That has pushed the stock into negative territory so far in 2023.
Investors should look to get in on the payment technology solutions space. Future Market Insights recently valued the global payment processing solutions market at US$90.4 billion in 2022. The same report projected that this market would reach US$231 billion in 2023. That would represent a compound annual growth rate (CAGR) of 9.9% over the forecast period.
This company released its second quarter (Q2) fiscal 2023 earnings on August 9. It reported total volume growth of 68% to $50.6 billion.
Meanwhile, revenue increased 45% year-over-year to $307 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. This measure aims to give a clearer picture of a company’s profitability. Nuvei posted adjusted EBITDA of $110 million in Q2 2023 – up 19% compared to the previous year.
In the first six months of fiscal 2023, Nuvei posted total volume growth of 57% to $93.0 billion while revenues increased 32% to $563 million. Moreover, adjusted EBITDA climbed 12% to $206 million.
Nuvei is geared up for very strong earnings growth going forward. I’m looking to snatch up this top tech stock on the dip at the end of August 2023.
