Visa Inc (V.N): VAS Growth Separating Itself

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Visa Inc (V.N): VAS Growth Separating Itself

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29 Jul 2026 01:04:30 ET │ 14 pages

Visa Inc (V.N)

VAS Growth Separating Itself

CITI'S TAKE

Visa delivered another quarter of broad-based outperformance producing

strong double digit adj. cc net revenue growth with global payments volume

accelerating. While consumer spending remained resilient, we believe the Buy

biggest incremental takeaway was continued acceleration in Value-Added Price (28 Jul 26 16:00) US$366.59

Services (~1/3rd of net revs), which increased 34% Y/Y cc as strong adoption

across Issuing and Acceptance Solutions drove sustainable upside, not just Target price US$440.00↑

FIFA-related marketing and Prisma (combined contribution est of 7pts to from US$400.00

VAS). Commercial payments also remained a standout, with volume Expected share price return 20.0%accelerating to 13% (+11% LQ), while July remained healthy across U.S. and

cross-border volume. Management raised FY26 adj. cc rev growth guidance Expected dividend yield 0.6%

to the high end of prior expectations and raised the adj. EPS guide, and Expected total return 20.7%

announced a RIF to redirect investment and support higher-growth Market Cap US$690,701Minitiatives. All indications are for FY27 to be another strong year above

recent growth rates. We reiterate our Buy rating and raise our TP to $440.

Strengths

Price Performance

n Value-Added Services Continues to Increase its Contribution to Growth. VAS (RIC: V.N, BB: V US)

revenue accelerated to +34% Y/Y cc (vs. +27% LQ), with management citing

stronger growth across Issuing Solutions and Acceptance Solutions, while

Advisory and Other benefitted from FIFA-related marketing services.

Management also highlighted the initial contributions from the contributed 1.5