Ann: Statement of Changes in Beneficial Ownership, page-53

Just got this in an email ...Mon, 8 Aug at 9:43 am

SQ2 - BLOCK INC

Credit Suisse rates SQ2 as Outperform (1) - Credit Suisse raises its earnings (EBITDA) estimates for Block following management's decision to reduce non-GAAP operating expense growth to US$1.85 from US$2.1bn.

This reduction was achieved by removing longer-term and experimental sales & marketing, slowing hiring, and benefiting from improved risk loss, explains the analyst.

The broker sees a potential for a positive re-rate of shares given re-accelerating trends for Cash App, reduced Afterpay and Bitcoin expectations, and a long list of growth options. Shares are also considered to be trading on low multiples.

The Outperform rating and US$125 target price are retained.

Current Price is $118.30. Target price not assessed. Current consensus price target is $97.00, suggesting downside of -18.0%(ex-dividends)The company's fiscal year ends in December.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 136.04 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 86.96. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 182.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 64.9.

Forecast for FY23:

Credit Suisse forecasts a full year FY23 dividend of 0.00 cents and EPS of 194.34 cents . At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.87. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 293.3, implying annual growth of 60.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 40.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 0.8All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources