Mastercard Earnings: Results Are Normalizing

Mastercard's fourth-quarter results were basically in line with what we saw from its peer Visa. Over the past few years, both companies have been buffeted by the pandemic and the subsequent recovery, as well as one-time issues like Russia. While macro uncertainty still exists, we think results have now largely normalized, and we expect growth will hold at a level roughly in line with our long-term expectations. We will maintain our $421 fair value estimate for the wide-moat company and see shares as roughly fairly valued at the moment.