Visa Valuation Model

	A	B	D	E	F	G	H	I	J	K	L	M
1	CLICK FILE --> DOWNLOAD TO SAVE AND EDIT
2				Actual	Estimate	Input
3	Visa Valuation Model
4
5	Revenue Growth Section			2024	2025	2026	2027	2028	2029	Implied CAGRs
6	Nominal PCE Growth Rate	5.0%	Revenue	$35,926.00	$40,416.75	$45,468.84	$51,152.45	$57,546.51	$64,739.82	12.50%
7	Digitization	3.0%	Operating Income	$23,595.00	$26,675.06	$30,009.44	$33,760.62	$37,980.69	$42,728.28	12.61%
8	Volume Growth	8.0%	Net Income	$19,743.00	$21,420.88	$24,098.49	$27,110.80	$30,499.65	$34,312.10	11.69%
9	Value-added-services	2.5%	Shares Outstanding	1953.00	1913.94	1875.66	1838.15	1801.39	1765.36
10	New Flows	2.0%	Diluted EPS	$9.73	$11.19	$12.85	$14.75	$16.93	$19.44	14.84%
11	Revenue Growth	12.5%	Dividend	$2.15	$2.37	$2.60	$2.86	$3.15	$3.46
12
13										P/E
14	Operating Income Growth Section			$ 175.14	$ 201.46	$ 231.26	$ 265.48	$ 304.76	$ 349.85	18
15	Operating Margin	66%		$ 194.60	$ 223.84	$ 256.96	$ 294.98	$ 338.62	$ 388.73	20
16				$ 214.06	$ 246.22	$ 282.66	$ 324.48	$ 372.49	$ 427.60	22
17				$ 233.52	$ 268.61	$ 308.35	$ 353.98	$ 406.35	$ 466.47	24
18				$ 252.98	$ 290.99	$ 334.05	$ 383.47	$ 440.21	$ 505.35	26
19				$ 272.44	$ 313.38	$ 359.74	$ 412.97	$ 474.07	$ 544.22	28
20	EPS Growth Section			$ 291.90	$ 335.76	$ 385.44	$ 442.47	$ 507.94	$ 583.09	30
21	Net Income Margin	53.00%		$ 311.36	$ 358.15	$ 411.14	$ 471.97	$ 541.80	$ 621.96	32
22	Share Repurchases	2%		$ 330.82	$ 380.53	$ 436.83	$ 501.47	$ 575.66	$ 660.84	34
23	Dividend Growth	10.00%
24
25	Current Share Price	$356.00
26	Discount Rate	8.00%							Price per Share		Returns by P/E	Weights
27	Weighted Average 2029 Price Target	$524.78		($356)	0	0	0	0	$ 349.85	0%	18	0.025
28	Present Fair Value Target	$357.16		($356)	0	0	0	0	$ 388.73	2%	20	0.05
29	Implied Exit Multiple	27		($356)	0	0	0	0	$ 427.60	4%	22	0.075
30				($356)	0	0	0	0	$ 466.47	6%	24	0.125
31	Implied IRR from Current Price	8.06%		($356)	0	0	0	0	$ 505.35	7%	26	0.175
32	Avg. Dividend Forward Yield (2025–2029)	0.81%		($356)	0	0	0	0	$ 544.22	9%	28	0.275
33	Total Shareholder Return	8.88%		($356)	0	0	0	0	$ 583.09	10%	30	0.125
34				($356)	0	0	0	0	$ 621.96	12%	32	0.1
35				($356)	0	0	0	0	$ 660.84	13%	34	0.05
36										Assumes exit in 2029		1
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100