Company Valuation: Mastercard, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,53,053 3,34,328 3,99,971 4,83,302 5,12,648 5,03,198 - -
Change - -5.3% 19.63% 20.83% 6.07% -1.84% - -
Enterprise Value (EV) 1 3,59,060 3,40,943 4,06,472 4,92,756 5,20,750 5,13,158 5,11,411 5,07,822
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) 9,82,557 9,61,460 9,37,776 9,17,831 8,97,996 8,76,010 - -
Announcement Date 27/01/22 26/01/23 31/01/24 30/01/25 29/01/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.11x13.65x21.56x0.62% 50TCr
72.11x - - - 116.69Cr
9.85x0.14x3.11x1.79% 41Cr
5.23x0.09x1.1x3.86% 25Cr
4.56x0.29x2.99x6.66% 20Cr
Average 24.17x 3.54x 7.19x 3.23% 10.01TCr
Weighted average by Cap. 29.17x 13.63x 21.53x 0.63%

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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