PayPal is the leading global digital wallet and a leader in mobile and ecommerce payments. It operates a proprietary global technology platform that connects merchants and consumers around the world. PayPal has approximately 173 million active customer accounts. Last year, it processed over $235 billion of payments in nearly 4 billion transactions, 1 billion of which were made on mobile devices. PayPal operates across more than 200 markets, processing transactions in over 100 currencies. PayPal is well placed to benefit from the secular shift to electronic payments and is progressing well in the mobile space. It has various call options in play across the payments value chain and is extending into balance sheet lending through its relatively small credit programs. We expect coming years to evidence the operating leverage within the business, where we anticipate margins to expand over time, which will drive earning growth ahead of revenue growth over the medium term. Read the full story in our half-yearly update
Magellan was formed in 2006 by Hamish Douglass and Chris Mackay, two of Australia’s leading investment professionals. The company specialises in global equity and listed infrastructure assets.