Financials MasterCard, Inc.

Equities

MA

US57636Q1040

Internet Services

Market Closed - Nyse Other stock markets 04:00:02 2024-05-28 pm EDT			5-day change	1st Jan Change
445.1 ^USD	-1.35%		-3.05%	+4.35%

May. 28	National Legal and Policy Center Submits a Shareholder Proposal to Mastercard Incorporated	CI
May. 28	National Center for Public Policy Research Submits a Shareholder Proposal to Mastercard Incorporated	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	301,237	355,843	353,053	334,328	399,971	413,753	-	-
Enterprise Value (EV) ¹	302,088	357,919	359,060	340,943	406,472	419,738	422,380	423,152
P/E ratio	37.6 x	56 x	41 x	34 x	36.1 x	31.3 x	26.8 x	23 x
Yield	0.47%	0.46%	0.5%	0.59%	-	0.59%	0.66%	0.75%
Capitalization / Revenue	17.8 x	23.3 x	18.7 x	15 x	15.9 x	14.9 x	13.2 x	11.7 x
EV / Revenue	17.9 x	23.4 x	19 x	15.3 x	16.2 x	15.1 x	13.5 x	12 x
EV / EBITDA	29.7 x	41 x	32.7 x	25.4 x	26.5 x	24.5 x	21.6 x	19.1 x
EV / FCF	38.9 x	52 x	39.6 x	31.7 x	35 x	34.3 x	27.1 x	24.4 x
FCF Yield	2.57%	1.92%	2.52%	3.15%	2.86%	2.91%	3.68%	4.1%
Price to Book	51 x	55.6 x	48.2 x	52.8 x	57.1 x	44.5 x	32.6 x	22.8 x
Nbr of stocks (in thousands)	1,008,864	996,925	982,557	961,460	937,776	929,615	-	-
Reference price ²	298.6	356.9	359.3	347.7	426.5	445.1	445.1	445.1
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,883	15,301	18,884	22,237	25,098	27,832	31,322	35,277
EBITDA ¹	10,186	8,734	10,984	13,401	15,346	17,107	19,566	22,132
EBIT ¹	9,664	8,154	10,258	12,651	14,547	16,223	18,612	21,179
Operating Margin	57.24%	53.29%	54.32%	56.89%	57.96%	58.29%	59.42%	60.04%
Earnings before Tax (EBT) ¹	9,731	7,760	10,307	11,732	13,639	15,883	18,327	20,985
Net income ¹	8,118	6,411	8,687	9,930	11,195	13,168	15,061	17,105
Net margin	48.08%	41.9%	46%	44.66%	44.61%	47.31%	48.09%	48.49%
EPS ²	7.940	6.370	8.760	10.22	11.83	14.24	16.58	19.32
Free Cash Flow ¹	7,761	6,885	9,056	10,753	11,609	12,220	15,564	17,357
FCF margin	45.97%	45%	47.96%	48.36%	46.25%	43.91%	49.69%	49.2%
FCF Conversion (EBITDA)	76.19%	78.83%	82.45%	80.24%	75.65%	71.43%	79.54%	78.43%
FCF Conversion (Net income)	95.6%	107.39%	104.25%	108.29%	103.7%	92.8%	103.34%	101.48%
Dividend per Share ²	1.390	1.640	1.810	2.040	-	2.629	2.935	3.344
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	5,216	5,167	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,850	7,237	7,390	7,124	7,746
EBITDA ¹	3,016	3,146	3,367	3,504	3,384	3,538	3,869	4,055	3,885	3,946	4,238	4,496	4,428	4,477	4,856
EBIT ¹	2,827	2,954	3,178	3,319	3,200	3,347	3,677	3,844	3,680	3,730	4,022	4,264	4,201	4,248	4,629
Operating Margin	54.2%	57.17%	57.81%	57.66%	55.01%	58.23%	58.65%	58.84%	56.2%	58.76%	58.71%	58.92%	56.85%	59.62%	59.75%
Earnings before Tax (EBT) ¹	2,823	2,773	2,798	3,072	3,089	2,853	3,704	3,761	3,321	3,558	3,946	4,198	4,119	4,151	4,534
Net income ¹	2,379	2,631	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,267	3,461	3,412	3,450	3,772
Net margin	45.61%	50.92%	41.39%	43.42%	43.41%	41.08%	45.38%	48.95%	42.62%	47.43%	47.69%	47.83%	46.17%	48.42%	48.7%
EPS ²	2.410	2.680	2.340	2.580	2.620	2.470	3.000	3.390	2.970	3.220	3.516	3.747	3.716	3.766	4.137
Dividend per Share ²	0.4900	0.4900	0.4900	0.4900	0.5700	0.5700	0.5700	0.5700	-	-	0.6479	0.6490	0.6690	0.7222	0.7222
Announcement Date	1/27/22	4/28/22	7/28/22	10/27/22	1/26/23	4/27/23	7/27/23	10/26/23	1/31/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	851	2,076	6,007	6,615	6,501	5,985	8,627	9,399
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.0835 x	0.2377 x	0.5469 x	0.4936 x	0.4236 x	0.3498 x	0.4409 x	0.4247 x
Free Cash Flow ¹	7,761	6,885	9,056	10,753	11,609	12,220	15,564	17,357
ROE (net income / shareholders' equity)	141%	104%	127%	146%	169%	164%	142%	117%
ROA (Net income/ Total Assets)	29.3%	20.4%	23.4%	26%	27.6%	30.1%	32.3%	33%
Assets ¹	27,665	31,410	37,140	38,197	40,586	43,750	46,614	51,774
Book Value Per Share ²	5.850	6.420	7.460	6.590	7.470	10.00	13.60	19.50
Cash Flow per Share ²	8.010	7.180	9.540	11.50	12.70	14.40	17.20	21.60
Capex ¹	422	339	407	442	371	469	471	633
Capex / Sales	2.5%	2.22%	2.16%	1.99%	1.48%	1.69%	1.5%	1.79%
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for MasterCard, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

445.1 USD

Average target price

514.5 USD

Spread / Average Target

+15.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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