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    Jamie Friedman

    Financial Analyst and Valuation Thought Leader at Susquehanna International Group

    Jamie Friedman is a Financial Analyst and Valuation Thought Leader at Susquehanna International Group, specializing in IT services, technology, financials, and credit card processing companies. He covers major firms within these sectors and has issued over 270 stock ratings, maintaining a 47% success rate and an average return of -2.3% based on recent analyst performance data. Friedman began his career at Goldman Sachs before joining Susquehanna, and holds both a bachelor's degree and an MBA from Columbia University. He is a FINRA-registered broker with active securities credentials.

    Jamie Friedman's questions to Affirm Holdings (AFRM) leadership

    Jamie Friedman's questions to Affirm Holdings (AFRM) leadership • Q4 2025

    Question

    Jamie Friedman of Susquehanna International Group asked for a detailed explanation of how the 'Adapt AI' deployment results in a 5% average increase in GMV for merchants.

    Answer

    Founder & CEO Max Levchin detailed that Adapt AI is an AI model that automates the optimization of the checkout flow. It dynamically determines the most compelling financing offer for each individual consumer, which maximizes conversion rates and volume for the merchant while often lowering their promotional cost compared to manual configurations.

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    Jamie Friedman's questions to dLocal (DLO) leadership

    Jamie Friedman's questions to dLocal (DLO) leadership • Q2 2025

    Question

    Jamie Friedman from Susquehanna International Group asked for an updated long-term view on take rates and inquired about the new product pipeline, particularly which innovations merchants are most excited about and their delivery timelines.

    Answer

    CEO Pedro Arnt reiterated that the long-term trend for take rates remains gradually downward, though this is offset by a mix shift to frontier markets and new, higher-margin products. He identified three key areas of product innovation with strong merchant interest that are already live: credit offerings via BNPL partnerships, the 'SmartPix' solution in Brazil that adds card-like features to PIX, and stablecoin on-ramp/off-ramp solutions.

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    Jamie Friedman's questions to Kyndryl Holdings (KD) leadership

    Jamie Friedman's questions to Kyndryl Holdings (KD) leadership • Q1 2026

    Question

    Jamie Friedman of Susquehanna International Group asked about how Kyndryl is articulating the AI opportunity and about the company's confidence in achieving its long-term 'triple-double-single' financial targets.

    Answer

    Chairman & CEO Martin Schroeter explained that Kyndryl leverages AI internally via its Kyndryl Bridge platform for efficiency and externally by helping clients with AI adoption, focusing on data, security, and resiliency. Regarding the 'triple-double-single' targets, Schroeter expressed high confidence, citing favorable tax positioning for cash flow, the increasing mix of high-margin post-spin business for profit growth, and strong momentum in Consult and Alliances for revenue. CFO David Wyshner added that visibility is strong because contract performance is tracking closely to the healthy margins projected at signing.

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    Jamie Friedman's questions to MERCADOLIBRE (MELI) leadership

    Jamie Friedman's questions to MERCADOLIBRE (MELI) leadership • Q2 2025

    Question

    Jamie Friedman of Susquehanna International Group asked for an explanation of how the mix shift to credit cards is impacting the Net Interest Margin (NIM) and for the company's overall message on credit quality.

    Answer

    Fintech President Osvaldo Giménez explained that the NIM is impacted because credit cards have a lower NIM and are growing faster than the rest of the credit book. He also noted that lower inflation is reducing Argentina's previously high NIM. Regarding credit quality, he stated they are 'very bullish,' having improved their models and feeling comfortable re-accelerating card issuance, with older cohorts already profitable.

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    Jamie Friedman's questions to DXC Technology (DXC) leadership

    Jamie Friedman's questions to DXC Technology (DXC) leadership • Q1 2026

    Question

    Jamie Friedman of Susquehanna International Group questioned the decline in insurance bookings, the timeline for a transition to a subscription model, and how AI impacts DXC's overall competitive position.

    Answer

    CFO Rob Del Bene explained that insurance bookings have different dynamics and the existing backlog supports the mid-single-digit growth forecast, adding that a significant SaaS transition has not yet occurred. President & CEO Raul Fernandez described AI as a 'huge opportunity' that leverages DXC's deep industry expertise in complex, regulated environments.

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    Jamie Friedman's questions to COGNIZANT TECHNOLOGY SOLUTIONS (CTSH) leadership

    Jamie Friedman's questions to COGNIZANT TECHNOLOGY SOLUTIONS (CTSH) leadership • Q2 2025

    Question

    Jamie Friedman from Susquehanna International Group asked for an update on the progress of Cognizant's three-vector AI strategy, questioning which vector is furthest ahead. He also sought to reconcile the increased commentary on "innovation" with the persistent weakness in short-duration discretionary spending.

    Answer

    CEO Ravi Kumar S confirmed that Vector 1 (hyper-productivity) is significantly ahead, driven by the market's focus on value. However, he expressed surprise at the rapid momentum in Vector 3 (agentifying the enterprise), noting a near doubling of Gen AI client projects. He clarified that "innovation" often involves using agentic AI to reduce costs and cycle times in novel ways, which aligns with client priorities even in a tight discretionary spending environment.

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    Jamie Friedman's questions to EVERTEC (EVTC) leadership

    Jamie Friedman's questions to EVERTEC (EVTC) leadership • Q2 2025

    Question

    Jamie Friedman of Susquehanna International Group asked management to articulate EVERTEC's primary competitive advantage in Latin America, questioning whether it stems more from technology or from industry knowledge and experience.

    Answer

    President & CEO Mac Schuessler detailed a multi-faceted competitive advantage. He highlighted EVERTEC's proprietary, customizable, and market-proven technology as a primary strength. He also emphasized the company's deep industry expertise in helping clients launch and operate acquiring businesses, the credibility of being a regulated U.S. public company, and its significant on-the-ground presence with local teams in each country of operation.

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    Jamie Friedman's questions to Western Union (WU) leadership

    Jamie Friedman's questions to Western Union (WU) leadership • Q2 2025

    Question

    Jamie Friedman inquired if the stablecoin opportunity is primarily for cost reduction or revenue enhancement and asked about the timeline for applying the successful European strategy to the U.S. market.

    Answer

    CEO Devin McGranahan explained that the stablecoin initiative is initially focused on creating efficiency, reducing friction, and improving liquidity management (cost reduction), with the potential to eventually drive revenue if it improves the value proposition enough to attract more demand. He confirmed they are actively working to implement the European model in the U.S. 'right now,' with the head of the European business leading the project to standardize the go-to-market approach.

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