Analyst Note| Brett Horn, CFA |
Wide-moat Visa posted strong fiscal third-quarter results, with net revenue up 27% year over year and strong margin improvement. While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this. But uncertainties still exist, particularly the timing and magnitude of a recovery in cross-border volumes. We will maintain our $208 fair value estimate.