Visa Earnings: A Stable Fiscal Year Finishes on a Steady Note

We think Visa has settled into a comfortable groove this year as pandemic, political, and macro effects have dissipated. The fiscal fourth quarter was further evidence of stability in the business, in our view. In this type of environment, we think the wide-moat company can show off its ability to consistently generate good growth and strong profitability. We will maintain our $272 fair value estimate and see shares as about fairly valued.