Volume Continues to Grow at Wide-Moat Mastercard
Mastercard continued to grow revenue and profits at a healthy rate as 2017 came to a close, demonstrating the wide-moat firm’s sustainable competitive advantages. Net revenue expanded by 20% on a GAAP basis from the fourth quarter of 2016, with GAAP operating income growing by 12% over the same period. For now, we plan to maintain our $138 per share fair value estimate and highlight that the company’s stock now trades at historically high multiples of sales, earnings, and cash flow.The company ...
Mastercard is a technology company in the global payments industry. The company's solutions enabling consumers to use electronic forms of payment instead of cash and checks. The company provides a range of payment solutions and services using its brands, including Mastercard?, Maestro? and Cirrus?. The company is a multi-rail network that provides customers one partner to turn to for their domestic and cross-border payment needs. The company has additional payment capabilities that include automated clearing house transactions. The company also provides offerings such as cyber and intelligence products, information and analytics services, consulting, loyalty and reward programs and processing.
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.
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