<p><strong>Visa</strong>(V 0.57%) 股票由於對消費者支出疲弱的擔憂而在過去幾個月下跌。公司最近的收益結果未達到分析師的收入預期，低於預期 2 億美元。</p>
<p>此外，公司在 7 月份看到美國消費支出進一步放緩，導致許多分析師下調了其價格目標。自 3 月以來，股價已下跌 11%，面臨一些短期阻力，但投資者可能有機會在今天購買。原因如下。</p>
<h2>所有人都在關注消費者</h2>
<p>在 Visa 截至 6 月 30 日的第三季度中，這家支付巨頭髮布了紮實的業績，淨營收同比增長 10%，GAAP 每股收益增長 20%。然而，公司的 89 億美元收入略低於共識估計。</p>
<p>投資者還關注邊際消費者的疲弱。Visa 的業績顯示，支付量增長 7%，略低於去年同期的 9% 增長。導致增長放緩的一個因素是美國消費支出，在第三季度增長了 4.5%，低於上一季度的 5.6% 增長。7 月份，美國消費支出進一步放緩，增長約為 4%。</p>
<p>消費支出趨勢有所放緩，但信號不一。從更大的範圍來看，消費者繼續支出，但取決於消費者，趨勢有所不同。收入較高的消費者羣體表現良好，而收入較低的消費者羣體更為困難。據 Visa 首席財務官 Chris Suh 表示，“高消費者羣體的增長與前幾個季度相比保持穩定；我們看到低消費者羣體略有減少。”</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>圖片來源：Getty Images。</p>
<p>根據紐約聯邦儲備銀行的一份報告，收入最低的四分之一人羣更有可能達到信用卡額度上限，利率為 12.3%，而最高四分之一人羣只有 5.5%。達到信用卡額度上限的借款人將比其他人更受影響，並且更有可能看到其貸款餘額逾期。</p>
<p>投資者將希望監控這些支出趨勢，如果減速持續下去，可能預示着潛在的經濟衰退。如果消費支出惡化，每次刷卡 Visa 都會收取費用，其收益可能會受到打擊。然而，Visa 管理層對這些趨勢並不太擔憂。Suh 指出，“諸如天氣、促銷購物活動的時間安排和技術故障” 等許多較小因素導致了 7 月份支出的減少。</p>
<p>一個積極因素是 Visa 不承擔與其信用卡相關的債務風險。該公司通過其卡網絡促進支出，與銀行合作推出其卡產品，但不承擔任何信用風險。相反，銀行保留這些貸款，逾期上升將對它們造成更大傷害而不是 Visa。這也是 Visa 比 <strong>Capital One</strong> 或 <strong>American Express</strong> 擁有更高估值的重要原因。</p>
<p>Visa 股票可能面臨的另一個潛在阻力是與商家達成的與 2005 年反壟斷集體訴訟有關的和解協議。Visa 和競爭對手 <strong>Mastercard</strong> 同意以 300 億美元和解該訴訟。然而，一名聯邦法官拒絕了和解協議，這意味着這兩家信用卡公司可能需要做出更多讓步來解決爭端。</p>
<h2>Visa 值得購買嗎？</h2>
<p>最近的阻力和股票拋售使 Visa 的估值比今年早些時候更為合理。今天，Visa 股票的市銷率為 15.2，市盈率為 27.8，這兩者都略低於其這些指標的 10 年平均水平。根據明年的盈利預期，Visa 的市銷率僅為 12.8 倍，市盈率為 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 數據來源：YCharts。</p>
<p>Visa 可能會面臨來自美國消費支出放緩的短期阻力，這是需要密切關注的。然而，在此期間的其他業績是積極的：</p>
<ul>
<li>收入和淨收入增長良好，跨境交易量增長 14%。</li>
<li>Visa 的全球擴張努力繼續取得成效，隨着與全球多家銀行和金融科技合作伙伴的合作和增值服務的增長。</li>
<li>業務繼續表現出強大的網絡效應。</li>
<li>其利潤率優秀。</li>
<li>Visa 處於良好位置，因為全球卡支付市場預計將以每年 8.5% 的複合增長率增長至 2032 年。</li>
</ul>
<p>隨着其估值下降，現在看起來是購買一些股票的好時機。如果股價進一步下跌，可以增加持股。</p>

<p>由於對消費者支出疲軟的擔憂，維薩的股價自三月以來已下跌 11%。然而，公司最近的收益顯示淨收入和每股收益實現了穩健增長。儘管存在短期阻力，但維薩在全球擴張和不斷增長的卡支付市場中處於良好位置。隨着估值變得更加合理，現在可能是購買股票的好時機</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%) 股票由於對消費者支出疲弱的擔憂而在過去幾個月下跌。公司最近的收益結果未達到分析師的收入預期，低於預期 2 億美元。</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 月份看到美國消費支出進一步放緩，導致許多分析師下調了其價格目標。自 3 月以來，股價已下跌 11%，面臨一些短期阻力，但投資者可能有機會在今天購買。原因如下。</p>
</div><h2>All eyes are on the consumer</h2>
<div class="lb-trans"><h2>所有人都在關注消費者</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，這家支付巨頭髮布了紮實的業績，淨營收同比增長 10%，GAAP 每股收益增長 20%。然而，公司的 89 億美元收入略低於共識估計。</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>投資者還關注邊際消費者的疲弱。Visa 的業績顯示，支付量增長 7%，略低於去年同期的 9% 增長。導致增長放緩的一個因素是美國消費支出，在第三季度增長了 4.5%，低於上一季度的 5.6% 增長。7 月份，美國消費支出進一步放緩，增長約為 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>消費支出趨勢有所放緩，但信號不一。從更大的範圍來看，消費者繼續支出，但取決於消費者，趨勢有所不同。收入較高的消費者羣體表現良好，而收入較低的消費者羣體更為困難。據 Visa 首席財務官 Chris Suh 表示，“高消費者羣體的增長與前幾個季度相比保持穩定；我們看到低消費者羣體略有減少。”</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>圖片來源：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>根據紐約聯邦儲備銀行的一份報告，收入最低的四分之一人羣更有可能達到信用卡額度上限，利率為 12.3%，而最高四分之一人羣只有 5.5%。達到信用卡額度上限的借款人將比其他人更受影響，並且更有可能看到其貸款餘額逾期。</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>投資者將希望監控這些支出趨勢，如果減速持續下去，可能預示着潛在的經濟衰退。如果消費支出惡化，每次刷卡 Visa 都會收取費用，其收益可能會受到打擊。然而，Visa 管理層對這些趨勢並不太擔憂。Suh 指出，“諸如天氣、促銷購物活動的時間安排和技術故障” 等許多較小因素導致了 7 月份支出的減少。</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>一個積極因素是 Visa 不承擔與其信用卡相關的債務風險。該公司通過其卡網絡促進支出，與銀行合作推出其卡產品，但不承擔任何信用風險。相反，銀行保留這些貸款，逾期上升將對它們造成更大傷害而不是 Visa。這也是 Visa 比 <strong>Capital One</strong> 或 <strong>American Express</strong> 擁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 股票可能面臨的另一個潛在阻力是與商家達成的與 2005 年反壟斷集體訴訟有關的和解協議。Visa 和競爭對手 <strong>Mastercard</strong> 同意以 300 億美元和解該訴訟。然而，一名聯邦法官拒絕了和解協議，這意味着這兩家信用卡公司可能需要做出更多讓步來解決爭端。</p>
</div><h2>Is Visa a buy?</h2>
<div class="lb-trans"><h2>Visa 值得購買嗎？</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>最近的阻力和股票拋售使 Visa 的估值比今年早些時候更為合理。今天，Visa 股票的市銷率為 15.2，市盈率為 27.8，這兩者都略低於其這些指標的 10 年平均水平。根據明年的盈利預期，Visa 的市銷率僅為 12.8 倍，市盈率為 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 數據來源：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 可能會面臨來自美國消費支出放緩的短期阻力，這是需要密切關注的。然而，在此期間的其他業績是積極的：</p>
<ul>
<li>收入和淨收入增長良好，跨境交易量增長 14%。</li>
<li>Visa 的全球擴張努力繼續取得成效，隨着與全球多家銀行和金融科技合作伙伴的合作和增值服務的增長。</li>
<li>業務繼續表現出強大的網絡效應。</li>
<li>其利潤率優秀。</li>
<li>Visa 處於良好位置，因為全球卡支付市場預計將以每年 8.5% 的複合增長率增長至 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>隨着其估值下降，現在看起來是購買一些股票的好時機。如果股價進一步下跌，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 股票自三月份以來已經下跌了 11%。投資者是否應該逢低買入？