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Visa International Service Assn

V is a global payments technology company and the #1 electronic payments network based on transaction dollar volumes. V provides the network infrastructure for debit, credit, prepaid, and commercial card transactions, including facilitation of card authorization, clearing, and settlement of payment transactions. V is not a bank and does not issue cards or extend credit. V also offers products and services to merchant, such as advertising and fraud management solutions. In 2016, V completed the acquisition of Visa Europe, paying €12.2 bn in cash and €5.3 bn in preferred stock, with an additional €1.0 bn plus 4% compound annual interest to be paid in 2019. For context, MA purchase volume was ~$7.56 tn in 2017, compared to ~$3.81 tn for MasterCard, ~$1.09 tn for American Express, and ~$335.9 bn for Discover. (07 Dec 2018)

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Visa/MasterCard: Upgraded One Notch by S&P

Worth Watching: 20 Nov 2018, 9:03 PM ET - Visa/MasterCard were both upgraded one notch by S&P with stable outlooks. Visa was upgraded to AA- from A+ while MasterCard was upgraded to A+ from A. S&P noted that its upgrades were driven by its expectation for each company to "extend its track ..
Focused

V: Solid F4Q18, Full Steam Ahead in FY19

Worth Watching: 25 Oct 2018, 4:23 AM ET - V (A1/A+) reported F4Q18 results that were solid overall as adjusted EPS came in slightly ahead of consensus estimates. Full-year operating revenue growth came in at 12% for FY18, as did F4Q18 which decelerated slightly (~3% pts.) from F3Q18. Grow ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

V/MA: Reach $6.2 bn Settlement over Swipe Fees

Worth Watching: 18 Sep 2018, 6:19 PM ET - V/MA agreed to pay $6.2 bn to settle the long-standing lawsuit brought by a number of merchants alleging anti-trust behavior related to swipe fees. To briefly recap, the original suits were filed in 2005 and although a settlement was initially rea ..

Specialty Finance: Barclays Conference Notes

Sector Analysis: 17 Sep 2018, 5:03 AM ET - We provide presentation write-ups for the slew of specialty finance companies represented at the Barclays 2018 Global Financial Services Conference this week; Ally, AmEx, CIT, Discover, iStar, and Navient.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Visa: Strong F3Q18 as Global Credit Drives Revenues

Worth Watching: 25 Jul 2018, 10:25 PM ET - Visa (A1/A+) reported F3Q18 results that once again handily beat consensus with a particularly strong top line as revenues came in above $5 bn for the second consecutive quarter. Operating revenue growth accelerated ~150 bp to 15% YoY, driven b ..

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
Focused

V/MA: Up Legal Reserves as Swipe Settlement Nears

Worth Watching: 28 Jun 2018, 11:51 PM ET - V/MA are reportedly close to a (new) swipe fee settlement with merchants after the previous $5.7 bn deal was struck down by a federal appeals court last June. Media reports are sizing the payout, which also includes a number of card issuing ba ..

Specialty Finance: Conference Recap Notes

Sector Analysis: 14 Jun 2018, 5:41 AM ET - We recap recent presentations by several fincos at the Morgan Stanley Financials conference. The sense we got from card issuers (SYF, DFS) and auto lenders (ALLY) is that consumer credit performance should remain solid and stable in 2Q18.

U.S. Consumer Credit: 1Q18 Trends and Takeaways

Sector Analysis: 24 May 2018, 4:25 AM ET - We delve into the Fed's consumer credit data, analyzing 1Q18 trends across asset classes. We also dig in to recently released data on age distributions and one thing is clear: consumer credit has gotten grayer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.
Focused

Visa: F2Q18 Revenues Top $5 bn, Debit Volume Surges

Worth Watching: 29 Apr 2018, 9:59 PM ET - Visa (V) reported fiscal 2Q18 results that handily beat consensus yet again as revenues topped $5 bn for the first time. Operating revenues advanced 14% YoY for the second straight quarter, driven by broad-based strength across products and ser ..

U.S. Consumer Credit: 4Q17 Trends and Takeaways

Sector Analysis: 21 Feb 2018, 3:36 PM ET - Consumer credit growth decelerated a bit in 4Q17 but remained among the strongest of the cycle as balances set new all-time highs in each quarter of 2017. We delve into the Fed's consumer credit data, analyzing trends across asset classes.

Amex GBT and Visa: Acquiring Hogg Robinson Units

Worth Watching: 11 Feb 2018, 8:57 PM ET - Amex GBT and Visa: American Express Global Business Travel (GBT) is acquiring Hogg Robinson Group, a B2B travel management company based in the UK, in an all-cash acquisition valued at ~$550 mn expected to close in 2Q18, according to media reports ..

V/MA Earnings: No Change, No Complaints

Earnings Note: 02 Feb 2018, 11:16 AM ET - V and MA reported strong results for calendar 4Q17, with little change to either operating story but nothing to complain about with strong top-line growth, high margins, and strong volume increases.

U.S. Consumer Credit: 3Q17 Trends and Takeaways

Sector Analysis: 13 Dec 2017, 11:12 PM ET - Consumer credit grew at its fastest rate since the crisis in 3Q17, and balances have now set a new record in each quarter this year. We delve into the Fed's consumer credit data and analyze trends across the various asset classes.

Specialty Finance: CCAR Reform Proposal Takeaways

Worth Watching: 16 Nov 2017, 10:40 PM ET - Specialty Finance With news of a bipartisan bill to ease regulations on banks, specifically targeted on thresholds for the stress testing process, we analyze the potential impacts on the four specialty finance banks currently subject to CCAR--ALLY ..

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