Visa Europe Integration Muddies Results, but Visa’s Future Looks Bright
We are maintaining our $104 fair value estimate for wide-moat Visa following the company’s fiscal 2016 earnings report. On a GAAP basis, Visa reported $2.48 in earnings per share, with adjusted EPS totaling $2.84 cents per share. On an adjusted nominal dollar basis, management expects midteen EPS growth in fiscal 2017, consistent with our expectations and valuation. We still believe that the major payment networks will benefit from the growth of electronic payments for years to come, and that th...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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