Stable quarter; tax reform adds ~10% to EPS
Visa reported a solid FYQ1 that saw stable volume trends, higher revenue and a tax-driven EPS beat. The full year revenue outlook is unchanged, but tax reform adds ~10% to FY19 EPS net of modest reinvestment. This is likely broadly in line with expectations, and the stock's market-relative PE remains at the mid-point of its historical range based on our new forecasts.Visa is engaged in digital payments. The company facilitates payments between consumers and businesses. The company is focused on its proprietary network, VisaNet, to provide products and services. The company provides a portfolio of business payment solutions, including small business, corporate (travel) cards, purchasing cards, virtual cards/digital credentials, non-card cross-border business-to-business payment options and disbursement accounts, covering various main industry segments around the world. The company also provides several capabilities and services, including fraud prevention and security, processing, loyalty, merchant and digital solutions, consulting and data solutions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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