The eBay-PayPal split slated for next week is poised to send growth investors in one direction and value investors in the other.
For the riskier set looking to play in the emerging mobile payments market, PayPal will get plenty of attention. The unit, which accounts for close to half of total eBay revenue, grew 19 percent last year and has been beefing up its technology and global offerings by purchasing Braintree and Xoom.
Meanwhile, eBay, which acquired PayPal in 2002, has seen growth in its online marketplace business dip for three straight years to 6.4 percent in 2014. The stock will likely be more appealing to the investor with a greater appetite for dividends and buybacks than wagers on technology's future.
Read MorePayPal buys Xoom
"EBay at an in-between multiple with in-between growth rates didn't find a natural shareholder base," said Gil Luria, an analyst at Wedbush Securities who has a "neutral" rating on the company. "PayPal has the potential to use its balance sheet to grow by acquisition. EBay isn't growing very fast but generates a lot of cash and has the opportunity to return cash to shareholders."
Starting this week, traders can track the companies separately through a so-called when-issued market, as orders begin trickling in for the independent companies. The actual split is scheduled for July 17, and PayPal is expected to start trading on the Nasdaq on July 20, under the ticker symbol PYPL.
EBay stakeholders will receive one PayPal share for every eBay share they own. Based on current pricing in the when-issued market, PayPal will be valued at close to $45 billion and the remaining eBay at about $30 billion.