Company Valuation: Mastercard, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 353,053 334,328 399,971 483,302 512,648 503,198 - -
Change - -5.3% 19.63% 20.83% 6.07% -1.84% - -
Enterprise Value (EV) 1 359,060 340,943 406,472 492,756 520,750 513,158 511,411 507,822
Change - -5.05% 19.22% 21.23% 5.68% -1.46% -0.34% -0.7%
P/E 41x 34x 36.1x 37.9x 34.6x 29.4x 25x 21.6x
PBR 48.2x 52.8x 57.1x 73.6x 65.4x 56.8x 34.6x 21.8x
PEG - 2x 2.3x 2.2x 1.8x 1.6x 1.4x 1.4x
Capitalization / Revenue 18.7x 15x 15.9x 17.2x 15.6x 13.5x 12x 10.7x
EV / Revenue 19x 15.3x 16.2x 17.5x 15.9x 13.8x 12.2x 10.8x
EV / EBITDA 32.7x 25.4x 26.5x 28.4x 25.3x 21.8x 19.2x 16.8x
EV / EBIT 35x 26.9x 27.9x 30x 26.8x 23x 20.3x 17.9x
EV / FCF 39.6x 31.7x 35x 34.4x 31.7x 30.2x 25x 22.4x
FCF Yield 2.52% 3.15% 2.86% 2.9% 3.16% 3.31% 4% 4.46%
Dividend per Share 2 1.81 2.04 2.37 2.74 3.04 3.555 3.89 4.392
Rate of return 0.5% 0.59% 0.56% 0.52% 0.53% 0.62% 0.68% 0.76%
EPS 2 8.76 10.22 11.83 13.89 16.52 19.55 22.95 26.59
Distribution rate 20.7% 20% 20% 19.7% 18.4% 18.2% 16.9% 16.5%
Net sales 1 18,884 22,237 25,098 28,167 32,791 37,260 41,958 46,991
EBITDA 1 10,984 13,401 15,346 17,349 20,544 23,584 26,660 30,158
EBIT 1 10,258 12,651 14,547 16,452 19,401 22,291 25,235 28,387
Net income 1 8,687 9,930 11,195 12,874 14,968 17,235 19,585 22,098
Net Debt 1 6,007 6,615 6,501 9,454 8,102 9,960 8,213 4,625
Reference price 2 359.32 347.73 426.51 526.57 570.88 574.42 574.42 574.42
Nbr of stocks (in thousands) 982,557 961,460 937,776 917,831 897,996 876,010 - -
Announcement Date 1/27/22 1/26/23 1/31/24 1/30/25 1/29/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.38x13.77x21.76x0.62% 503B
79.29x - - - 1.28B
9.83x0.14x3.1x1.8% 405M
5.48x0.1x1.25x3.68% 264M
4.59x0.29x3x6.63% 201M
Average 25.71x 3.58x 7.27x 3.18% 101.07B
Weighted average by Cap. 29.47x 13.75x 21.73x 0.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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