1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Wide-moat Visa posted strong fiscal third-quarter results, with net revenue up 27% year over year and strong margin improvement. While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this. But uncertainties still exist, particularly the timing and magnitude of a recovery in cross-border volumes. We will maintain our $208 fair value estimate.
Visa is the largest payment processor in the world. In fiscal 2020, it processed almost $9 trillion in purchase transactions. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second.
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