Visa (NYSE:V) — DCF & comparables

A full valuation of Visa, built up from the economics of the payment network itself rather than from a growth rate pasted onto last year's cash flow. Discounted cash flow, triangulated against trading comparables, with every assumption stated where a reader can attack it.

The approach

• Model the network: volume, take-rate, and the operating leverage that comes from both
• Build the DCF off those drivers, so the sensitivity table means something
• Sanity-check against comps — where the two disagree is where the thesis lives

Published publicly, which is the point. An unpublished valuation is a spreadsheet; a published one is a position you have to defend.