Mastercard Inc Management meeting takeaways

研报英文原文证据摘录

Mastercard Inc Management meeting takeaways

Global Research

25 June 2026ab

Mastercard Inc Equities

United StatesManagement meeting takeaways

Diversified Financial

12-month rating Buy

Mastercard management meeting takeaways: We hosted Sachin Mehra (current

Chief Financial Officer and transitioning to Chief Business Officer, effective August

12m price target US$640.00

2026), Ling Hai (current President of APEMEA and incoming Chief Financial Officer,

effective August 2026), and Devin Corr (Head of Investor Relations) for three days of

investor meetings in San Francisco, Denver, and Los Angeles. Key topics of discussion Price (24 Jun 2026) US$494.41

included: 1) Competitive environment and cadence of portfolio wins; 2) Agentic RIC: MA.N BBG: MA US

commerce, including Agent Pay for Machines; 3) The acquisition of BVNK;

4) VAS&S thoughts; 5) Cross-border travel; 6) Relative net revenue growth Trading data and key metrics

considerations; 7) Commercial payments opportunity; 8) MDL-1720, and more. Overall, 52-wk range US$598.96-471.55

while the discussions were aligned with previous disclosures, we came away with added Market cap. US$444b

confidence in Mastercard's medium-longer-term growth outlook and durability (with Shares o/s 898m (COM)

the company well positioned for new/emerging use cases and payment flows), and Free float 89%

continue to believe that Mastercard stock is attractive. Our most recent reverse Avg. daily volume ('000) 963

DCF analysis suggests the current share price implies a ~4% net revenue CAGR from Avg. daily value (m) US$478.7

2031-2040E, a level which we believe to be meaningfully below what will ultimately be Common s/h equity (12/26E) US$6.02b

realized. Further, we continue to believe that both Visa & Mastercard will compound P/BV (12/26E) 72.0x