Visa Inc "Sizing the Growth Contribution & Visibility Associated with..."

研报英文原文证据摘录

Visa Inc "Sizing the Growth Contribution & Visibility Associated with..."

Global Research

13 July 2026ab

Visa Inc Equities

United StatesSizing the Growth Contribution & Visibility

Associated with Remaining Performance Diversified Financial

12-month rating BuyObligations (RPO); Overview of Mechanics

12m price target US$410.00

Sizing & analysis associated with Visa's Remaining Performance Obligations Price (13 Jul 2026) US$353.85

(RPO): We provide an overview of the mechanics and an analysis sizing the contribution

RIC: V.N BBG: V US

from Visa's growing balance of Remaining Performance Obligations (RPOs) to Visa's

total and Value Added Services (VAS) net revenue growth. Our view is that the Trading data and key metrics

RPO provides a small degree of net revenue growth visibility, particularly as it relates to 52-wk range US$362.13-295.52

VAS. Our analysis aims to help investors better understand an increasing, albeit minor, Market cap. US$600b

portion of Visa's net revenue growth that is associated with the recognition of a growing Shares o/s 1,696m (COM)

book of deferred and contracted revenue. In summary, Visa's RPOs largely represent a

Free float 100%

subset of contracted value-in-kind incentives (VIK) associated with Visa's VAS, and we

Avg. daily volume ('000) 2,632

believe VAS paid for via VIK provides a growth contribution of ~0.5%-1% to Visa's total

Avg. daily value (m) US$866.1

net revenue and ~2%-4% to VAS.

Common s/h equity (09/26E) US$33.8b

P/BV (09/26E) 16.8x

Overview of Visa's disclosures of Remaining Performance Obligations: As of FY

Net debt to EBITDA (09/26E) 0.7x

2020, Visa has disclosed its balance of Remaining Performance Obligations (RPOs),

which are deferred and/or contracted revenues expected to be recognized as revenue in EPS (UBS, diluted) (USD)