Visa (V) Valuation Sheet

1234 5678 1012 3454 1234 WALID DATES 12/13-12/15 VISA CARDHOLDER NAME. Comparable Valuation Sheet AMERICAN MASTERCARD EXPRESS $78bn 4.7% 4.5% -4.9% 23.6% VISA DISCOVER AVERAGE $119bn 13.4% 12.5% -38.8% $80bn 10.1% 13.2% 47.8% $23bn 3.8% 9.8% 10.1% Market Cap lyr Revenue Growth 5yr Revenue CAGR lyr EPS Growth Return on Equity lyr Forward (P/E) Multiple P/E 2012 P/E 2013 Dividend Yield PEG Ratio YTD Total Return (%) $68bn 11.4% 11.5% 1.5% 25.1% 20.5% 45.0% 25.8% 21.9x 15.3x 24.2x 10.3x 17.9x 18.9> 13.1x 22.3x 9.3x 14.6x 17.0x 25.5x 0.4% 26.1x 14.9x 10.1x 0.7% 1.1% 1.6% 1.1% 1.3 1.3 1.4 1.0 23.3% 1.2 27.2% 27.8% 35.9% 29.4% Valuation Competitors' Average ETF (XLE*)| 17.9x Calculation of Visa's stock price based on different multiples S&P 500 14.8x V | AXP | MA DFS 21.9x 15.3x 24.2x 10.3x Forward Price/Earnings 12.8x XLF's P/E Multiple Forecasted EPS (Dec 2014) Price 12.8x Competitors' Average Multiple $8.89 Forecasted EPS (Dec 2014). 17.9x $8.89 $113.7 Price $159.1 S&P 500 Multiple Forecasted EPS (Dec 2014) Price 14.8x 5Yr Historical Average P/E $8.89 Forecasted EPS (Dec 2014) Price 18.4x $8.89 $131.5 $163.5 *XLF is the S&P Financials Select Sector SPDR® exchange-traded fund (ETF). As of November 11, 2013, Visa's share price is $199. Using analysts' consensus estimates for EPS of $8.89 in FY14, its shares are currently trading at a 51% premium to the S&P 500 and a 75% premium to the XLF exchange-traded fund. The stock is also trading at a 22% premium to its five year historical average multiple and a 25% premium to its competitors' average forward multiples. BIDNESS SOURCES: Company Data, SEC filings, Bloomberg Professional Services Etc. DISCLAIMER Bidness Etc(TM) and related marks are owned by Bidness Etc. Any other trademarks appearing on this website are the property of their respective owners, and are not used to indicate the origin of goods or services offered or provided by Bidness Etc herein or to suggest approval for or affiliation with Bidness Etc.