Visa (V) Maket Cap: $68B PE(F) 32

Biz Summary:

Biz: Global electronic payment system

Market: Consumer, financial institution and government

Product: 3 business operations: a) transaction processing service; b) product platforms and c) payment network management.

1	Consumer Monopoly	Yes
2	Predictable, expanding Earning	Earning Growth 19%(yoy)
3	Conservatively Financed	Cash=$5.6B; Debt =112m
4	Higher ROE> 12%	25% (only a year)
5	Retaining its Earning	Yes
6	Spending on current operation	Operating Margin =35
7	Reinvest wisely	Yes
8	Priced to inflation	No
9	Retained Earning increase market value	Think so

Income Statement(From Etrade)

	2004	2005	2006	2007
Revenue	2429	2665	2948	3590
OP Expensive	1999	2212	2218	5039
OP Income	430	453	730	(1449)
All in Million