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| BUY | 106.060 | Don Lato | Owned Mastercard and then sold a year and a half ago to buy Visa but would buy both that these levels. Still looking at 20%+ growth. | 2012-02-02 | |
| Comment | 100.640 | David Baskin | (Market Call Minute.) Consumer spending in the US was flat in December, which was bad for the credit card companies. People are still reducing their debt and you are not going to see rate increases in consumer spending. Not a lot of growth in the card companies. | 2012-01-31 | |
| HOLD | 99.880 | Darren Sissons | Likes the payment processing area. Tons of recurring revenue, 60% operating margin, dividend increases, buybacks. Stock has run up 40% over the last 12 months. Will be a good, long-term hold. All they really good value has been taken last year. | 2012-01-30 | |
| TOP PICK | 103.780 | Sandy McIntyre | Fantastic chart that goes from lower left to upper right with relatively good growth and return on assets, return on equity. Low payout ratio for dividend. Dividend has a decent opportunity to grow. | 2012-01-18 | |
| WEAK BUY | 99.110 | Gordon Reid | As long as they execute on a fundamental basis you hold on to it. If the price runs away on it, you sell, but this has not happened. There are issues about Europe. | 2012-01-11 | |
| BUY | 92.900 | David Burrows | The only theme that he likes in the financials is the card issuers. The whole group looks pretty good. Their 2 incomes are from the fees they get from banks and the spread you pay on the interest on your balance. This is a global growth story. | 2011-11-29 | |
| TOP PICK | 94.210 | Gordon Reid | Switched into this from MasterCard because of better growth profile and because amendment was introduced to limit fee on debit cards. | 2011-10-24 | |
| HOLD | 90.510 | Paul Gardner, CFA | It is so expensive from a valuation perspective, but you can’t deny the consistency of the model. He is a value player and it is hard to engage in this because of the price. It’s still a great company. Don’t add to it. | 2011-10-11 | |
| PAST TOP PICK | 90.280 | Mark Grammer | (A Top Pick Nov 3/11. Up 14.47%.) | 2011-09-26 | |
| TOP PICK | 88.300 | Greg Newman | [The program signal failed at this point during the broadcast. The web site did not record a clip for top picks. No opinions could be recorded here] | 2011-09-22 | |
| TOP PICK | 91.420 | Don Lato | Historically traded at a premium multiple to MasterCard (MA-N) but now trades at a discount. Still looking for 18%-19% growth in earnings for both of them. Trading at around 16X next year's earnings. | 2011-09-21 | |
| HOLD | 87.880 | Ross Healy | Has been doing quite well. It’s hard to fight success. It is a business that is swamped with product. You pay your money and take your chances. | 2011-08-31 | |
| HOLD | 86.380 | David Baskin | Makes money on transactions, not interest rates. People worry transactions will decline if there is a recession. He thinks fear is a little over done. | 2011-08-24 | |
| PAST TOP PICK | 83.830 | Mohsin Bashir | (A Top Pick June 16/11. Up 13.47%.) | 2011-08-12 | |
| BUY on WEAKNESS | 84.520 | Barry Schwartz | Likes this company but the valuation is too high for him. Keeps reporting record earnings. Does well in international markets as well. Would buying in the $50-$60 level. | 2011-08-11 | |
| BUY | 83.410 | Gavin Graham | Transaction business so all credit risks are taken by the banks. Up 17% over last year. About 0.9% yield. PE is reasonable at about 15 times. | 2011-08-05 | |
| BUY | 86.920 | Gordon Reid | Transaction company. A lot of people think they take credit risks, but they don't. Likes this company. A global play. | 2011-07-28 | |
| TOP PICK | 74.880 | Mohsin Bashir | (A Top Pick March 25/11. Up 4%.) Debit card fees have put all the credit card companies in the limelight, which has put some short-term pressure on this stock. Thinks their growth prospects are outside of this debit card issue. Their growth prospects are in emerging markets, particularly in new technologies in emerging markets. Moving to build out it mobile technology capability. | 2011-06-16 | |
| TOP PICK | 80.010 | Don Lato | Now trading at same multiple as MasterCard now so he switched to this one. Growth prospect is where you can swipe your phone as in Asia. | 2011-05-18 | |
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| BUY on WEAKNESS | 79.340 | Ara Nalbandian | Started buying in the low to mid-$70 range. Doing all the things that he likes from a shareholder perspective. Hit recently with potential regulatory changes but quite an insignificant portion of their earnings. | 2011-05-11 | |
| BUY | 77.710 | John O'Connell, CFA | US is watering down the legislation that would have affected them. First time in a long time there is beginning to be an increase in consumer debt so people are feeling more confidant and employment is improving. The negative is that they are spending more on gasoline. | 2011-04-11 | |
| TOP PICK | 72.750 | Mohsin Bashir | Clamp down on fees gives an opportunity. Language on the proposed bill is a little softer. Likes the technological advances they’re making. | 2011-03-28 | |
| HOLD | 70.960 | Gordon Reid | Fallen with the other credit card business over regulatory changes involving fee caps. Thinks it’s good value. Thinks there will be some mitigation to the legislation. | 2011-03-16 | |
| TOP PICK | 72.090 | Gordon Reid | On a financial bill in the US, there was the Durbin amendment that addressed debit card fees that could be charged by sponsoring banks. Visa has a bigger debit card business than MasterCard (MC-N) and people have discounted Visa to the point where multiples are at about the same now. Expects the bill will be mitigated. | 2011-02-02 | |
| DON'T BUY | 71.580 | David Burrows | Because of the new regulations in the US on limiting transaction fees, he doesn’t recommend the credit card companies. | 2011-01-25 | |
| PARTIAL BUY | 68.730 | Paul Harris, CFA | Facing some regulatory issues, which have to be sorted out. Really a tollbooth where they don’t take any risks. You can probably buy it cheaper, but not much cheaper. In the long run, an interesting business to own. | 2010-12-23 | |
| TOP PICK | 33.930 | Mark Grammer | There is a lot of negative sentiment right now: The talk about regulating interchange rates, talk about exclusivity with merchants being removed. But the prospects for Visa have not changed. They are growing their earnings about 15-20% per annum. 17-18 multiple, which is very, very strong. Good global footprint. They are dominant. | 2010-11-03 | |
| DON'T BUY | 33.320 | David Baskin | We are now seeing a gradual loosening up of credit terms, which is more positive to credit card companies. But this stock will not trade at the multiple it did a few years ago. At these levels it is probably fully values. | 2010-10-18 | |
| HOLD | 67.120 | Gordon Reid | Had a tough time lately, mostly as a result of Financial Regulation in the US, which limits domestic action of credit card/debit card companies, etc. Feels MasterCard (MA-N) has better valuation and less exposure to interchange fees. | 2010-09-14 | |
| BUY | 72.880 | Gordon Reid | Fallen on the back of the new FinReg financial regulation in the US that affects debit cards and their fees. Would prefer MasterCard (MA-N) that has less exposure to debit cards in the US but this would be a good choice since the price has come down. | 2010-08-18 | |
| DON'T BUY | 73.360 | Benj Gallander | This is a company that should make a lot of money. Perfect company to buy during the pull back of 2009. It didn’t pull back all that far. Doesn’t like companies over $25. Not his kind of play, but this sector is tremendous. | 2010-08-17 | |
| Comment | 73.180 | Greg A. Taylor, CFA, BBA | Been under pressure recently because of possible Congress regulations on interest charges, which could affect growth. Put up some good quarters, so probably a fairly good, long-term Buy but you get exposure to the US financial sector and US consumer. | 2010-07-05 | |
| TOP PICK | 26.210 | Mark Grammer | Has had a big selloff on the back of the US legislation on exchange fees. Growing at 20% per annum. Good emerging marketplace. Fantastic brand name. | 2010-06-30 | |
| BUY | 28.010 | Don Lato | Came down pretty hard in the last month or so on rumours of changes to interchange fees that are charged. Regulations have since been softened up. Trades at a very reasonable multiple. Prefers MasterCard (MA-N) that has a hair less growth but better valuation by 2 points. | 2010-06-23 | |
| DON'T BUY | 28.710 | Stan Wong | Big drop from the $90's. PE is close to 20X so it is well above market. Long-term annual growth is still very strong at around 19%. Trading at a premium to its peers American Express (AXP-N) at 14X, MasterCard (MA-N) at 15-16X and Capital One (COF-N) at 11X’s. As US banks consolidate, they may have more power to ask for more concessions. | 2010-06-17 | |
| BUY | 28.690 | Gordon Reid | No credit risks. Has fallen off its highs due to recent market correction and the new US financial regulation bill, which could possibly lead to a lower use credit/debit cards. Think the reaction from the street has been a little strong. Likes this but prefers MasterCard (MA-N) more. Trades at about 16X next year's earnings. | 2010-06-16 | |
| Comment | 85.680 | Gordon Reid | A wonderful brand and have no credit risks. A move away from cash and towards credit/debit has been rampant. A little expensive at 23X earnings whereas MasterCard (MA-N) trades at about 17. | 2010-05-12 | |
| BUY | 85.990 | David Burrows | A play on global growth and a place for investors to invest within financials that is not banking related. Has pulled back and is not a bad entry point. | 2010-05-10 | |
| Comment | 89.270 | Steven Conville | MasterCard (MC-N) or Visa (V-N)? Both companies are well run. The risk would be the credit situation in the US and it might spill over with the new European crisis. When the stocks hit their lows in 2008-2009 that was a great buying opportunity. They have both been on a fantastic run and not sure you'll make much money buying at its current level. | 2010-05-03 | |
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| DON'T BUY | 91.650 | David Baskin | (Market Call Minute) Not going to see strong retail sales in US until 2012 so stock has over performed. | 2010-03-16 | |
| DON'T BUY | 87.030 | Mark Grammer | Relatively expensive valuation at 26 X earnings. Very strong growth and high margins. If global banks think they are making too much money and talk about starting to squeeze them, this would affect the stock and would be a time to buy. | 2009-12-17 | |
| HOLD | 87.030 | Stan Wong | Very profitable company with a lot of great margin. Good business model. Trading at 24X forward earnings, which look a little rich. As banks consolidate, expect they will start looking for concessions and squeeze them on the margins. If you own, hang on until it breaks down through the 50-day moving average. | 2009-12-17 | |
| DON'T BUY | 82.320 | Paul Harris, CFA | Great company with no credit risks. Trades at about 22X next year's earnings so too rich for him. | 2009-12-10 | |
| Comment | 80.820 | Gordon Reid | Prefers MasterCard (MA-N) that has the same qualities but is a little bit cheaper. | 2009-11-11 | |
| BUY | 69.570 | Prakash Hariharan | (Market Call Minute) Default rates declining. Excess spreads coming back into the play. | 2009-09-29 | |
| BUY | 73.920 | David Baskin | For a five-year hold it is not a bad choice. One of the concerns he had when going into the recession was that the number of transactions would go down and people would be losing their credit cards. | 2009-09-23 | |
| DON'T BUY | 70.480 | Gordon Reid | Don’t have any credit risk. They are processors of transactions. Good company, a little too expensive. Prefers Mastercard. Multiple should come down into the teens to be a buy. | 2009-09-09 | |
| DON'T BUY | 67.200 | Ara Nalbandian | A little bit overvalued. Not a compelling opportunity. | 2009-08-19 | |
| SELL | 68.450 | Paul Gardner, CFA | Every time he goes to approach this company or MasterCard (MA-N), defines the valuations are too high. Trades roughly at 23X forward earnings and 50X price to cash flow. It is a tollbooth so has no credit exposure. Great business and balance sheet is fantastic. With US consumer in saving mode, the growth of the transactions will be slowed. | 2009-08-12 | |
| BUY | 68.190 | Mark Grammer | Very good industry. Limited competition. There is no credit risk as it is transaction oriented. As long as there is an improvement in consumption, which he expects, this company will benefit. There are also opportunities to grow in developing markets. Expanding into other things such as debit cards. On his watch list. | 2009-07-27 | |
| Comment | 59.490 | Gordon Reid | Has consistently beaten all its earnings since it has gone public. Great company. Doesn't take on any credit risks, as it is transaction driven. Has a tail wind as people are giving up cash for plastic globally. Trades at about 21X earnings. Prefers MasterCard (MA-N) which is cheaper at about 15X 09 earnings. | 2009-07-08 | |
| Comment | 62.460 | Charles Bobrinskoy | Had a multiple of 35 PE, dropped to 30 and is now in the low 20's. Starting to get very interesting. Because it is a growth stock he can't own it. Still too big a multiple to him, but getting close. | 2009-06-16 | |
| DON'T BUY | 64.430 | David Burrows | Has no exposure to credit card companies. There is a case to be made for global growth with either Visa (V-N) or American Express (AXP-N) but with savings rates rising, there could be a bit of a challenge from an earnings standpoint. Would prefer asset managers that could participate from a fee standpoint, or a custodian such as State Street (STT-N). | 2009-06-15 | |
| DON'T BUY | 69.800 | Norman Levine | Visa (V-N) and MasterCard (MA-N) make money on fees they charge merchants. (Also have debit cards in Europe and US but not in Canada.) Transaction oriented companies, so if you think retail sales are going to pick up then you will want to own but if the consumer is tapped out and trying to get out of debt (which he thinks) then you don't want to be there right now. His preference would be towards Visa because of its stronger international name. | 2009-06-08 | |
| Comment | 69.280 | Michael Yoshikami | Between Visa (V-N) and MasterCard (MA-N), MasterCard is the cheaper of the stocks from a valuation standpoint. Both of these companies are in the right spot. There will be a huge increase in the use of debit cards and both companies have a huge position in this area. | 2009-06-05 | |
| BUY | 65.070 | David Burrows | There is global upside in transaction values. If someone does not make good on their credit card, it is not this company that gets hit, but the bank. | 2009-05-15 | |
| Comment | 65.930 | Mike Lyons CA, CFA | Doesn't have a firm opinion on this one but companies exposed to small and mid-ticket items will fare better than large ticket items. | 2009-05-11 | |
| BUY | 60.380 | Michael Yoshikami | Is a credit card company but don’t make loans – they are a network system. Visa and MC are great companies. Visa is more attractive. | 2009-04-24 | |
| HOLD | 58.230 | Charles Lannon | (Market Call Minute) Shares are priced about right. | 2009-04-23 | |
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| Comment | 52.530 | Michael Yoshikami | Prefers MasterCard (MC-N), which is less expensive valuation wise. If it where 10%-15% cheaper he would be more interested. The entire space has great opportunity. | 2009-03-20 | |
| HOLD | 56.310 | Jeff Parent B. Eng. FCSI | (Market Call Minute.) Wouldn't be looking at this one right now. Don't think you'll be seeing $80-$90 any time soon. | 2009-03-18 | |
| BUY on WEAKNESS | 56.310 | David Abella | Solid name. There is definitely a driver that more and more people are using. Has been held back because of lower retail sales. Long-term steady story and a way to play the transactional volume without worrying about any particular retailer or taking credit risks. | 2009-03-18 | |
| BUY | 49.800 | Kevin O'Leary | Volatile stock because the credit card companies are volatile. Doesn't take credit risks. The infrastructure play of the financials. You will need a recovery in the economy to get it back to its highs. Good dividend. | 2009-03-09 | |
| BUY on WEAKNESS | 55.290 | Michael Brown | The unique concept of this company is that it is not actually exposed to the credit card debt but only on the payment transaction. Has had a significant run year-to-date but would recommend buying closer to $50. | 2009-03-04 | |
| Comment | 55.410 | Charles Bobrinskoy | A growth stock and he doesn't own it because he is a value investor. They don't have credit risks. Get fees from transactions. He is bullish on the use of credit cards long-term. Could be a bit of slowing with the recession. Stock price reflects all the good things. High PE at 20. OK if you are a growth investor. | 2009-02-06 | |
| BUY | 49.130 | Andrew Guy, CFA | (Market Call Minute.) Expecting a recovery in the US economy in the second half of the year. | 2009-02-04 | |
| TOP PICK | 49.130 | Kevin O'Leary | This is the infrastructure toll road of commerce. One of the most widely accepted cards in the world. First-quarter profit was 35%. | 2009-02-04 | |
| HOLD | 44.180 | David Abella | A strong brand name. Think they will increase both credit and debit transactions over time. Long-term it's a pretty good play. Will be subject to retail sales, which will be weak for a little while. | 2009-01-21 | |
| Comment | 50.970 | Gordon Reid | No credit risks. Basically a transaction company and the more transactions the more they get paid. A growing business but has always been a little expensive for him at around 20X earnings. Prefers MasterCard (MA-N), which is cheaper at around 14X earnings. | 2009-01-14 | |
| BUY | 52.750 | Matthew McCall | Likes it. There are a lot of transaction fees. Buy at the $40 to $45 level. | 2008-12-15 | |
| SELL | 51.580 | Andrew Guy, CFA | (Market Call Minute.) He would Sell in the short-term and Buy in the long-term. | 2008-11-19 | |
| DON'T BUY | 51.580 | Don Lato | Still an expensive stock. Great company. Less expensive than it was 4 or 5 months ago when it was trading at 40 X earnings. Still trading at 20 X earnings. | 2008-11-19 | |
| Comment | 54.240 | Charles Bobrinskoy | Solid company. Doesn't have the credit risks of a lot of companies have. Not a lot of downside risk but it is going to have pressure as credit card use goes down. | 2008-11-14 | |
| DON'T BUY | 54.440 | David Driscoll | Biggest concern in the US right now is that consumers may end up having to pay debt and won't be using credit cards. | 2008-11-13 | |
| DON'T BUY | 51.750 | Gordon Reid | Expects that long-term it is going to grow very well, 15% plus. Expanding. Trades at around 20 times. There are other opportunities that represent better risk/reward. | 2008-11-12 | |
| SELL | 53.790 | Norman Levine | (Market Call Minute.) Gets its earnings totally from credit card volumes and they are not growing anymore. | 2008-11-11 | |
| SELL ON STRENGTH | 52.630 | Hap (Robert) Sneddon FCSI | Americans are going to start to become savers and this is not good for Visa. It fell below its April low. There may be a bounce up to that low. The banks get stuck with the debt so they are insulated from that. | 2008-10-08 | |
| DON'T BUY | 51.150 | Charles Bobrinskoy | They don’t have the kind of credit exposure that other financials have. Would not own it. Multiple is very high. But not the same downside as other financials. | 2008-10-07 | |
| DON'T BUY | 55.380 | David Baskin | There will be fewer cards and with lower credit limits because of the recession. Transaction volumes will decline. | 2008-10-06 | |
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| WAIT | 57.800 | Paul Harris, CFA | They don’t take on any of the credit related issues. If people are maxed out on credit cards, they don’t use Visa as much. They are international and the global economy is slowing down. Visa has the better brand name. He prefers Visa. There are areas where they can expand. He thinks you will be able to buy it lower | 2008-09-29 | |
| HOLD | 66.350 | David Driscoll | (Market Call Minute.) Would buy if it fell another 15%. | 2008-09-16 | |
| DON'T BUY | 69.040 | Pat Naccarato | MasterCard (MA-N) and Visa (V-N) are phenomenal franchises and basically a global duopoly. Not tied to spending but transaction growth. PE multiple for both companies is somewhere in the mid-20s, which is very rich. On a 5-year time horizon, they will grow into that multiple. Would consider buying at a sub-20 PE. | 2008-09-10 | |
| DON'T BUY | 69.040 | Gordon Reid | Expensive at about 30X earnings. For a processing company, it is really priced for perfection. | 2008-09-10 | |
| DON'T BUY | 74.990 | David Baskin | (Market Call Minute.) US credit formation is very slow right now. Opportunity to sell new cards is low. | 2008-09-02 | |
| DON'T BUY | 74.450 | Charles Bobrinskoy | A great company, but trading at a huge multiple because they don't have the credit card risk that an individual bank does. Growth stock. Can’t get comfortable with the valuation. | 2008-08-27 | |
| DON'T BUY | 74.090 | Paul Larson | A top-shelf company. A financial stock that takes no credit risk and is benefiting from this shift of going from cash to plastic. The organic growth is very robust. Strong competitive position. Valuation is not quite as interesting as it is only slightly undervalued. | 2008-08-22 | |
| DON'T BUY | 74.380 | Robert Floyd | Concerned about credit card companies over the near-term until we get through this financial trauma. Credit card balances have been trending up. Be a little cautious. | 2008-08-21 | |
| Comment | 72.600 | Gordon Higgins, CA, MBA | Get paid based on volumes of transactions, so if you are worried about any kind of slowdown, they could have a slowdown in earnings. Reasonable but not compelling value at these levels. | 2008-08-08 | |
| DON'T BUY | 70.550 | Duncan Stewart | Earnings numbers have done surprisingly well given the weakness in the US consumer. His concern is that the other shoe has yet to drop. Anywhere in the $50 level you're looking at some pretty decent value. | 2008-07-28 | |
| BUY | 74.050 | Andrew Guy, CFA | American Express (AXP-N) had a disappointing 2nd quarter, due to problems of people paying their bills and resulted in a higher loan-loss. Visa is a processor and not responsible for losses due to unpaid bills. However, slowing down of consumer purchases will affect the number of transactions. At this level, it is relatively attractive. | 2008-07-22 | |
| DON'T BUY | 75.870 | Gordon Reid | Trading at about 30X earnings, which is a little rich. He would prefer it at 20X earnings. Great business. No credit risks. | 2008-07-09 | |
| DON'T BUY | 75.620 | Gavin Graham | Up 75% since it went public in March however, this is not a MasterCard Mach II, which made you 3 or 4 times your money in the last couple of years. He has reduced his holdings. Pretty expensive even with good growth. | 2008-07-07 | |
| Comment | 78.070 | Bill Carrigan | An IPO that hasn't been out too long so he can't chart it easily but it does have a symmetrical triangle. This one seems to be trying to come out the bottom. Look at MasterCard (MA-N) and see how it is doing. If it violates the trend line he would exit this one. They will both do the same thing. | 2008-07-03 | |
| BUY | 82.660 | Robert Floyd | Strong name in the financial services sector. Trying to mimic American Express by promoting a lot of new cards with prizes. This is cutting into margins. For a long-term play, it is a decent stock to own. | 2008-06-24 | |
| DON'T BUY | 80.310 | David Baskin | Not bullish on this company. His concern is the ability of the banks to take on more credit cards. Visa doesn’t have the credit risks, but as cards get maxed out and go into default there will be fewer transactions. | 2008-06-10 | |
| DON'T BUY | 86.070 | David Garrity | Seems to have gotten ahead of itself. Would like to have this one season at little bit longer after its IPO. | 2008-06-02 | |
| BUY on WEAKNESS | 86.360 | Robert Floyd | Can enter stock and add to it if weakness, preferred over Mastercard. | 2008-05-30 | |
| DON'T BUY | 85.250 | Michael Sprung | Little concerned because of consumers being overextended. Credit card debts are getting very high at the moment. If interest rates back up a little bit, this could be under threat. | 2008-05-29 | |
| DON'T BUY | 78.740 | David Baskin | The ability to grow its cardholder base and to grow the number of retail transactions in the current economic environment is restrained. | 2008-05-27 | |
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| DON'T BUY | 76.350 | Laura Wallace | Likes the concept, but there will be a better opportunity. Big advantage is that they benefit from the transactions but don’t take any risks. A little expensive. Would consider in the $55 range. | 2008-05-23 |
