Analyst Note
| Brett Horn, CFA |Like its peer Visa, wide-moat Mastercard saw its growth explode during the second quarter as it fully lapped the onset of the pandemic. While year-over-year comparisons are distorted by the ups and downs of the pandemic, we think the underlying results from the networks have shown sustained recovery in recent quarters, and the second quarter maintained that trend. Headwinds still exist, but at this point they seem largely contained within cross-border volume. We will maintain our $320 fair value estimate.