<p><strong>Visa</strong>(V 0.57%) 股票由于对消费者支出疲弱的担忧而在过去几个月下跌。公司最近的收益结果未达到分析师的收入预期，低于预期 2 亿美元。</p>
<p>此外，公司在 7 月份看到美国消费支出进一步放缓，导致许多分析师下调了其价格目标。自 3 月以来，股价已下跌 11%，面临一些短期阻力，但投资者可能有机会在今天购买。原因如下。</p>
<h2>所有人都在关注消费者</h2>
<p>在 Visa 截至 6 月 30 日的第三季度中，这家支付巨头发布了扎实的业绩，净营收同比增长 10%，GAAP 每股收益增长 20%。然而，公司的 89 亿美元收入略低于共识估计。</p>
<p>投资者还关注边际消费者的疲弱。Visa 的业绩显示，支付量增长 7%，略低于去年同期的 9% 增长。导致增长放缓的一个因素是美国消费支出，在第三季度增长了 4.5%，低于上一季度的 5.6% 增长。7 月份，美国消费支出进一步放缓，增长约为 4%。</p>
<p>消费支出趋势有所放缓，但信号不一。从更大的范围来看，消费者继续支出，但取决于消费者，趋势有所不同。收入较高的消费者群体表现良好，而收入较低的消费者群体更为困难。据 Visa 首席财务官 Chris Suh 表示，“高消费者群体的增长与前几个季度相比保持稳定；我们看到低消费者群体略有减少。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODQ5MDgvZ3JvY2VyeS1zdG9yZS1jcmVkaXQtY2FyZC10cmFuc2FjdGlvbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODQ5MDgvZ3JvY2VyeS1zdG9yZS1jcmVkaXQtY2FyZC10cmFuc2FjdGlvbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>根据纽约联邦储备银行的一份报告，收入最低的四分之一人群更有可能达到信用卡额度上限，利率为 12.3%，而最高四分之一人群只有 5.5%。达到信用卡额度上限的借款人将比其他人更受影响，并且更有可能看到其贷款余额逾期。</p>
<p>投资者将希望监控这些支出趋势，如果减速持续下去，可能预示着潜在的经济衰退。如果消费支出恶化，每次刷卡 Visa 都会收取费用，其收益可能会受到打击。然而，Visa 管理层对这些趋势并不太担忧。Suh 指出，“诸如天气、促销购物活动的时间安排和技术故障” 等许多较小因素导致了 7 月份支出的减少。</p>
<p>一个积极因素是 Visa 不承担与其信用卡相关的债务风险。该公司通过其卡网络促进支出，与银行合作推出其卡产品，但不承担任何信用风险。相反，银行保留这些贷款，逾期上升将对它们造成更大伤害而不是 Visa。这也是 Visa 比 <strong>Capital One</strong> 或 <strong>American Express</strong> 拥有更高估值的重要原因。</p>
<p>Visa 股票可能面临的另一个潜在阻力是与商家达成的与 2005 年反垄断集体诉讼有关的和解协议。Visa 和竞争对手 <strong>Mastercard</strong> 同意以 300 亿美元和解该诉讼。然而，一名联邦法官拒绝了和解协议，这意味着这两家信用卡公司可能需要做出更多让步来解决争端。</p>
<h2>Visa 值得购买吗？</h2>
<p>最近的阻力和股票抛售使 Visa 的估值比今年早些时候更为合理。今天，Visa 股票的市销率为 15.2，市盈率为 27.8，这两者都略低于其这些指标的 10 年平均水平。根据明年的盈利预期，Visa 的市销率仅为 12.8 倍，市盈率为 23.4 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b600cba40dc2ef9b5e4fb96966550e3a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="507" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b600cba40dc2ef9b5e4fb96966550e3a.png"/></p>
<p>V PE Ratio 数据来源：YCharts。</p>
<p>Visa 可能会面临来自美国消费支出放缓的短期阻力，这是需要密切关注的。然而，在此期间的其他业绩是积极的：</p>
<ul>
<li>收入和净收入增长良好，跨境交易量增长 14%。</li>
<li>Visa 的全球扩张努力继续取得成效，随着与全球多家银行和金融科技合作伙伴的合作和增值服务的增长。</li>
<li>业务继续表现出强大的网络效应。</li>
<li>其利润率优秀。</li>
<li>Visa 处于良好位置，因为全球卡支付市场预计将以每年 8.5% 的复合增长率增长至 2032 年。</li>
</ul>
<p>随着其估值下降，现在看起来是购买一些股票的好时机。如果股价进一步下跌，可以增加持股。</p>

<p>由于对消费者支出疲软的担忧，维萨的股价自三月以来已下跌 11%。然而，公司最近的收益显示净收入和每股收益实现了稳健增长。尽管存在短期阻力，但维萨在全球扩张和不断增长的卡支付市场中处于良好位置。随着估值变得更加合理，现在可能是购买股票的好时机</p>

<p><strong>Visa</strong>(V 0.57%) stock has been down over the last few months due to concerns about weakening consumer spending. The company's recent earnings results missed analysts' revenue estimates, coming in $200 million below expectations.</p>
<div class="lb-trans"><p><strong>Visa</strong>(V 0.57%) 股票由于对消费者支出疲弱的担忧而在过去几个月下跌。公司最近的收益结果未达到分析师的收入预期，低于预期 2 亿美元。</p>
</div><p>In addition, the company saw a further deceleration in U.S. consumer spending in July, leading many analysts to lower their price targets in response. The stock has fallen by 11% since March and faces some near-term headwinds, but investors could have a good opportunity to buy today. Here's why.</p>
<div class="lb-trans"><p>此外，公司在 7 月份看到美国消费支出进一步放缓，导致许多分析师下调了其价格目标。自 3 月以来，股价已下跌 11%，面临一些短期阻力，但投资者可能有机会在今天购买。原因如下。</p>
</div><h2>All eyes are on the consumer</h2>
<div class="lb-trans"><h2>所有人都在关注消费者</h2>
</div><p>In Visa's third quarter (ended June 30), the payment titan posted solid results, growing net revenue by 10% year over year and its GAAP earnings per share (EPS) by 20%. However, the company's $8.9 billion in revenue came in slightly below consensus estimates.</p>
<div class="lb-trans"><p>在 Visa 截至 6 月 30 日的第三季度中，这家支付巨头发布了扎实的业绩，净营收同比增长 10%，GAAP 每股收益增长 20%。然而，公司的 89 亿美元收入略低于共识估计。</p>
</div><p>Investors were also focused on the weakening of the marginal consumer. Visa's results showed that payment volume of 7% decelerated slightly from the same quarter last year when growth was around 9%. One contributing factor to this slower growth was U.S. consumer spending, which increased 4.5% in the third quarter, down from 5.6% growth in the previous quarter. U.S. consumer spending slowed further in July, with growth around 4%.</p>
<div class="lb-trans"><p>投资者还关注边际消费者的疲弱。Visa 的业绩显示，支付量增长 7%，略低于去年同期的 9% 增长。导致增长放缓的一个因素是美国消费支出，在第三季度增长了 4.5%，低于上一季度的 5.6% 增长。7 月份，美国消费支出进一步放缓，增长约为 4%。</p>
</div><p>Consumer spending trends have slowed, but there are mixed signals. On a larger scale, consumers continue spending, but the trends diverge depending on the consumer. Those on the higher end of the earning spectrum have been okay, while those on the lower end have struggled more. According to Chris Suh, Visa's chief financial officer, &#34;growth in the high-spend consumer segment remained stable compared to prior quarters; we saw a slight moderation in the lower-spend consumer segment.&#34;</p>
<div class="lb-trans"><p>消费支出趋势有所放缓，但信号不一。从更大的范围来看，消费者继续支出，但取决于消费者，趋势有所不同。收入较高的消费者群体表现良好，而收入较低的消费者群体更为困难。据 Visa 首席财务官 Chris Suh 表示，“高消费者群体的增长与前几个季度相比保持稳定；我们看到低消费者群体略有减少。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODQ5MDgvZ3JvY2VyeS1zdG9yZS1jcmVkaXQtY2FyZC10cmFuc2FjdGlvbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F784908%2Fgrocery-store-credit-card-transaction.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>According to a report by the Federal Reserve Bank of New York, earners in the lower income quartile are more likely to have maxed out their cards, at 12.3% interest, while only 5.5% of those in the highest quartile have. Maxed-out borrowers will feel the pinch in spending more than others and are more likely to see their loan balances go delinquent.</p>
<div class="lb-trans"><p>根据纽约联邦储备银行的一份报告，收入最低的四分之一人群更有可能达到信用卡额度上限，利率为 12.3%，而最高四分之一人群只有 5.5%。达到信用卡额度上限的借款人将比其他人更受影响，并且更有可能看到其贷款余额逾期。</p>
</div><p>Investors will want to monitor these spending trends, which could indicate a potential recession if the deceleration continues. If consumer spending deteriorates, Visa, which earns a fee every time its card is swiped, could see its earnings take a hit. However, Visa management isn't too concerned about the trends. Suh noted that &#34;a number of smaller factors such as weather, timing of promotional shopping events, and the technology outage&#34; contributed to lower spending in July.</p>
<div class="lb-trans"><p>投资者将希望监控这些支出趋势，如果减速持续下去，可能预示着潜在的经济衰退。如果消费支出恶化，每次刷卡 Visa 都会收取费用，其收益可能会受到打击。然而，Visa 管理层对这些趋势并不太担忧。Suh 指出，“诸如天气、促销购物活动的时间安排和技术故障” 等许多较小因素导致了 7 月份支出的减少。</p>
</div><p>One positive is that Visa doesn't hold the debt risk associated with its credit cards. The company helps facilitate spending through its card network, partnering with banks for its card products, but it doesn't take on any credit risk. Instead, the banks hold on to those loans, and a rise in delinquencies would hurt them more than Visa. This is also a big reason Visa commands a higher valuation than <strong>Capital One</strong> or <strong>American Express</strong>, which do hold credit card debt.</p>
<div class="lb-trans"><p>一个积极因素是 Visa 不承担与其信用卡相关的债务风险。该公司通过其卡网络促进支出，与银行合作推出其卡产品，但不承担任何信用风险。相反，银行保留这些贷款，逾期上升将对它们造成更大伤害而不是 Visa。这也是 Visa 比 <strong>Capital One</strong> 或 <strong>American Express</strong> 拥有更高估值的重要原因。</p>
</div><p>Another possible overhang for Visa stock is its settlement deal with merchants related to a class action antitrust lawsuit that goes back to 2005. Visa and competitor <strong>Mastercard</strong> had agreed to settle the lawsuit with a $30 billion settlement. However, a federal judge rejected the settlement, which means the card companies will likely have to make more concessions to resolve the dispute.</p>
<div class="lb-trans"><p>Visa 股票可能面临的另一个潜在阻力是与商家达成的与 2005 年反垄断集体诉讼有关的和解协议。Visa 和竞争对手 <strong>Mastercard</strong> 同意以 300 亿美元和解该诉讼。然而，一名联邦法官拒绝了和解协议，这意味着这两家信用卡公司可能需要做出更多让步来解决争端。</p>
</div><h2>Is Visa a buy?</h2>
<div class="lb-trans"><h2>Visa 值得购买吗？</h2>
</div><p>The recent headwinds and stock sell-off have Visa priced at a more reasonable valuation compared to earlier in the year. Today, Visa stock trades at a price-to-sales (P/S) ratio of 15.2 and a price-to-earnings (P/E) ratio of 27.8, both of which are slightly below its 10-year averages on these metrics. Based on next year's earnings estimate, Visa is priced at just 12.8 times sales and 23.4 times earnings.</p>
<div class="lb-trans"><p>最近的阻力和股票抛售使 Visa 的估值比今年早些时候更为合理。今天，Visa 股票的市销率为 15.2，市盈率为 27.8，这两者都略低于其这些指标的 10 年平均水平。根据明年的盈利预期，Visa 的市销率仅为 12.8 倍，市盈率为 23.4 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b600cba40dc2ef9b5e4fb96966550e3a.png" alt="" original-src="https://media.ycharts.com/charts/b600cba40dc2ef9b5e4fb96966550e3a.png"/></p>
<p>V PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>V PE Ratio 数据来源：YCharts。</p>
</div><p>Visa could face near-term headwinds from slower U.S. consumer spending, which is something to keep an eye on. However, other results during the period were positive:</p>
<ul>
<li>Revenue and net income grew nicely, and cross-border volume was up 14%.</li>
<li>Visa's global expansion efforts continue to pay off as it grows its partnerships and value-added services with several banks and fintech partners worldwide.</li>
<li>The business continues to exhibit strong network effects.</li>
<li>Its margins are excellent.</li>
<li>Visa is well positioned, as the global card payment market is projected to grow 8.5% compounded annually through 2032.</li>
</ul>
<div class="lb-trans"><p>Visa 可能会面临来自美国消费支出放缓的短期阻力，这是需要密切关注的。然而，在此期间的其他业绩是积极的：</p>
<ul>
<li>收入和净收入增长良好，跨境交易量增长 14%。</li>
<li>Visa 的全球扩张努力继续取得成效，随着与全球多家银行和金融科技合作伙伴的合作和增值服务的增长。</li>
<li>业务继续表现出强大的网络效应。</li>
<li>其利润率优秀。</li>
<li>Visa 处于良好位置，因为全球卡支付市场预计将以每年 8.5% 的复合增长率增长至 2032 年。</li>
</ul>
</div><p>With its valuation coming down, now looks like a good time to buy some shares. You can add more if it dips further from here.</p>
<div class="lb-trans"><p>随着其估值下降，现在看起来是购买一些股票的好时机。如果股价进一步下跌，可以增加持股。</p>
</div>

Visa Stock Is Down 11% Since March. Should Investors Buy the Dip?

- Visa (V 0.57%) stock has declined due to concerns about weakening consumer spending, with recent earnings missing revenue estimates by $200 million.
- U.S. consumer spending decelerated, impacting Visa's payment volume growth, although high-end consumers remain stable while lower-end consumers struggle.
- Despite potential headwinds, Visa's valuation is more reasonable now, with positive results like revenue growth and global expansion efforts, making it a good buy opportunity.

Visa 股票自三月份以来已经下跌了 11%。投资者是否应该逢低买入？