Financials Visa, Inc.

Equities

V

US92826C8394

Internet Services

Market Closed - Nyse Other stock markets 04:00:02 2024-06-07 pm EDT			5-day change	1st Jan Change
278.7 ^USD	+0.59%		+2.28%	+7.04%

Jun. 07	Visa, Mastercard to Face New Lawsuits Over Retailer Fees in UK	MT
Jun. 07	Visa and MasterCard face new UK lawsuits over merchant fees	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	371,962	423,776	471,818	366,725	468,001	554,356	-	-
Enterprise Value (EV) ¹	380,853	427,805	472,578	370,653	468,336	551,333	546,692	539,230
P/E ratio	32.3 x	40.9 x	39.6 x	25.4 x	27.8 x	28.4 x	24.9 x	22.1 x
Yield	0.61%	0.61%	0.6%	0.89%	0.81%	0.75%	0.83%	0.94%
Capitalization / Revenue	16.2 x	19.4 x	19.6 x	12.5 x	14.3 x	15.4 x	14 x	12.7 x
EV / Revenue	16.6 x	19.6 x	19.6 x	12.6 x	14.3 x	15.3 x	13.8 x	12.3 x
EV / EBITDA	24.3 x	28.8 x	28.5 x	18.8 x	21.3 x	21.8 x	19.3 x	17.3 x
EV / FCF	31.7 x	44.1 x	32.5 x	20.7 x	23.8 x	26.6 x	23.3 x	21.7 x
FCF Yield	3.16%	2.27%	3.07%	4.82%	4.21%	3.76%	4.29%	4.61%
Price to Book	12.1 x	9.29 x	9.94 x	10.7 x	12.4 x	13.6 x	12 x	10.5 x
Nbr of stocks (in thousands)	2,162,444	2,119,199	2,118,150	2,064,313	2,034,698	2,000,997	-	-
Reference price ²	172.0	200.0	222.8	177.6	230.0	277.0	277.0	277.0
Announcement Date	10/24/19	10/28/20	10/26/21	10/25/22	10/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,977	21,846	24,105	29,310	32,653	35,946	39,700	43,707
EBITDA ¹	15,657	14,848	16,608	19,674	21,943	25,339	28,273	31,092
EBIT ¹	15,001	14,081	15,804	18,813	21,000	24,213	27,191	30,093
Operating Margin	65.29%	64.46%	65.56%	64.19%	64.31%	67.36%	68.49%	68.85%
Earnings before Tax (EBT) ¹	14,884	13,790	16,063	18,136	21,037	24,127	27,287	30,203
Net income ¹	12,080	10,866	12,311	14,957	17,273	19,665	22,076	24,295
Net margin	52.57%	49.74%	51.07%	51.03%	52.9%	54.71%	55.61%	55.59%
EPS ²	5.320	4.890	5.630	7.000	8.280	9.741	11.13	12.52
Free Cash Flow ¹	12,028	9,704	14,522	17,879	19,696	20,757	23,478	24,839
FCF margin	52.35%	44.42%	60.24%	61%	60.32%	57.74%	59.14%	56.83%
FCF Conversion (EBITDA)	76.82%	65.36%	87.44%	90.88%	89.76%	81.92%	83.04%	79.89%
FCF Conversion (Net income)	99.57%	89.31%	117.96%	119.54%	114.03%	105.55%	106.35%	102.24%
Dividend per Share ²	1.050	1.220	1.335	1.575	1.870	2.079	2.307	2.593
Announcement Date	10/24/19	10/28/20	10/26/21	10/25/22	10/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	7,059	7,189	7,275	7,787	7,936	7,985	8,123	8,609	8,634	8,775	8,930	9,597	9,583	9,630	9,896
EBITDA ¹	4,974	5,009	4,378	5,313	5,317	5,570	5,259	5,797	6,201	5,603	6,267	6,715	6,929	6,741	6,999
EBIT ¹	4,776	4,802	4,148	5,087	5,090	5,336	5,024	5,550	5,954	5,354	6,004	6,452	6,648	6,511	6,775
Operating Margin	67.66%	66.8%	57.02%	65.33%	64.14%	66.83%	61.85%	64.47%	68.96%	61.01%	67.24%	67.24%	69.38%	67.61%	68.46%
Earnings before Tax (EBT) ¹	4,897	4,542	3,829	4,868	4,977	5,278	5,146	5,636	6,042	5,513	6,062	6,518	6,609	6,564	6,866
Net income ¹	3,959	3,647	3,411	3,940	4,179	4,257	4,156	4,681	4,890	4,663	4,893	5,244	5,372	5,324	5,543
Net margin	56.08%	50.73%	46.89%	50.6%	52.66%	53.31%	51.16%	54.37%	56.64%	53.14%	54.79%	54.64%	56.06%	55.29%	56.01%
EPS ²	1.830	1.700	1.600	1.860	1.990	2.030	2.000	2.270	2.390	2.290	2.413	2.597	2.695	2.675	2.803
Dividend per Share ²	0.3750	0.3750	0.3750	0.4500	0.4500	0.4500	0.4500	0.5200	0.5200	0.5200	0.5218	0.5227	0.5556	0.5556	0.5556
Announcement Date	1/27/22	4/26/22	7/26/22	10/25/22	1/26/23	4/25/23	7/25/23	10/24/23	1/25/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,891	4,029	760	3,928	335	-	-	-
Net Cash position ¹	-	-	-	-	-	3,023	7,664	15,126
Leverage (Debt/EBITDA)	0.5679 x	0.2713 x	0.0458 x	0.1997 x	0.0153 x	-	-	-
Free Cash Flow ¹	12,028	9,704	14,522	17,879	19,696	20,757	23,478	24,839
ROE (net income / shareholders' equity)	35.2%	30.7%	33.4%	40.9%	46.5%	49.3%	50.6%	49.5%
ROA (Net income/ Total Assets)	17%	14.2%	15%	17.8%	19.6%	21.8%	22.4%	23.1%
Assets ¹	70,892	76,747	81,910	84,199	88,002	90,312	98,753	105,385
Book Value Per Share ²	14.20	21.50	22.40	16.70	18.60	20.40	23.10	26.30
Cash Flow per Share ²	5.630	4.210	6.960	8.820	9.950	10.50	12.30	13.50
Capex ¹	756	736	705	970	1,059	1,135	1,272	1,378
Capex / Sales	3.29%	3.37%	2.92%	3.31%	3.24%	3.16%	3.2%	3.15%
Announcement Date	10/24/19	10/28/20	10/26/21	10/25/22	10/24/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Visa, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

278.7 USD

Average target price

307.6 USD

Spread / Average Target

+10.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Internet Security & Transactions Services

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Internet Security & Transactions Services