EVENT REPLAY

# INITIATION # BLOCK (SQ) - SPIN THE WHEELS

Date and Time
September 16, 2024 — 3pm UK / 10am EST
Hosted by Soomit Datta

WHAT:  We are hosting a call with Svante Westerberg to run through this week's initiation on Block - Spin the Wheels (9 September) . We launched with a Neutral, given timing on turnaround efforts, but success here could deliver attractive mid-term equity returns for a stock which we don't see as overly expensive.

WHY: Run through on thesis summary:

  • What's the flywheel? When will it start spinning?
  • Turnaround at Square; the opportunity in restaurants
  • Deep dive in to Cash App and financial services
  • Structural risks at Cash App - Venmo, instant deposits
  • Valuation, comps with PayPal
  • Bitcoin - does it really matter for the stock?

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