Thursday, May 18, 2017

Payments Industry Overview - Analysis of Visa, MasterCard, American Express - 361 Slides [5-18-2017]

Link to slide deck: Payments Industry - V / MA/ AXP - May 2017  (click left)

There are no specific recommendations in this slide deck. Most of that is due to the current valuations of the companies mentioned, which I find none of which are "cheap". There is some optionality for each company, and due to the attractiveness of some of the business models, as well as the economics, one can make the case that these businesses could each be worth more in the next 3 years +.

I am hopeful this presentation is helpful to those that read through it. Please reach out with any comments, good or bad, about this presentation, the industry, or the companies discussed.

Disclosure: Long Visa/ MasterCard currently; Was Long PayPal, but sold recently. Have never owned AXP directly.


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    Regarding the addresable market. I don´t know if there are differences between countries but with regard to telecom, insurance and utilities the usual path is to have it paid by debit receipt so you give once the payment instructions to the bank and they pay to the telecom/utility/isurance company when they present the invoice to the bank. So the TAM would be lower in this case I think.

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