Shawn Burns is Solve the Riddle

  VISA FY25 COMMENTARY EPS up 12% but NPAT was up 3% and missed my number by 10%. Revenues were up 11%, 1% better than my numbers. The reason for the NPAT discrepancy was a litigation charge made against Interchange Multidistrict Litigation (MSD). If we add back the after-tax impact, we get a 2% miss, which is not significant but mainly due to some pressure on costs. The EPS number is not impacted due to accounting for the provisions against shares on issue. Looks a bit tricky to me, but not a big deal, maybe STIs are based on EPS targets. The main point is whether the provisions are ongoing or not. The cash reconciliation is great, having been so for a long while. ND stands at 0.2X EBITDA, which is very low. The top line was strong, with main segments, services, data processing, and international transactions all accelerating year over year. Incentives rose a bit, 28.2% in FY25 compared to a 5Y average of 27.7%. GM remains high and with very low volatility. Visa remains a st...