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Mastercard Inc A MA

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Morningstar’s Analysis

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Economic Moat




Coronavirus Leads to a Significant Decline for Mastercard, but Effect Is Easing

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

While there were some differences, Mastercard’s second-quarter results largely echoed what we saw from Visa earlier in the week. The coronavirus pandemic has led to major declines for the payment networks, and in one respect, they are particularly exposed relative to other payment names. However, the impact should be transitory, and in the long run the pandemic will likely accelerate the ongoing shift toward digital payments. We see nothing to shake our belief that Mastercard and Visa’s competitive position is essentially unassailable or alter our favorable long-term view. We will maintain our $272 fair value estimate and wide moat rating.

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Company Profile

Business Description

Mastercard is the second- largest payment processor in the world and processed $4.8 trillion in purchase transactions in 2019. Mastercard operates in over 200 countries and processes transactions in over 150 currencies.

2000 Purchase Street
Purchase, NY, 10577
T +1 914 249-2000
Sector Financial Services
Industry Credit Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 18,600