$MA · Joseph Carlson After Hours · 2026-11-02
Mastercard 股价 659 美元，接近说话者约 700 美元的公允价值，仅有约 6% 的上行空间，因此他不认为其被低估，会选择持有。其约 30 倍远期市盈率对一家顶级企业而言是应得的，且仍略低于其历史均值；盈利处于历史高位。
逐段跳播
我们有 Mastercard，它现在是我最大的投资组合。Mastercard 是一个投资中心，价值 221,000 美元。它的总收益为 73,000 美元。这主要涉及一次加仓，然后还有几千美元的股息。
we have Mastercard, which is now my largest investment portfolio. Mastercard is an investment center with a value of $221,000. She has total earnings of $73,000. This mostly involves a capital increase, and then a few thousand dollars as dividends.
Mastercard 是一家今年以及过去两年表现都非常出色的公司。今天，该股上涨了 3.4%，跳升至每股 660 美元。从年初到现在来看，它上涨了 17%，跑赢了 QQQ 指数和 S&P 500 指数。
如果看过去五年，情况完全一样。它以非常大的幅度跑赢了这两个指标。
Now, Mastercard is a company that has performed excellently this year and over the past two years. Today, the stock rose by 3.4%, jumping to $660 per share. Looking at the company from the beginning of the year until now, it has risen by 17%, outperforming both the QQQ index and the S&P 500 index.
If we look at it over the past five years, it's exactly the same . It outperformed both indicators by a very large margin.
所以，这是一家我反复谈到过的公司，它是市场上最无聊的公司之一，但也是市场上最卓越的公司之一。Mastercard 的大多数财务指标确实令人难以置信。
So, this is a company I've talked about time and time again as one of the most boring companies in the market, but it's also one of the most exceptional in the market. Most of Mastercard's financial metrics are truly unbelievable.
例如，我们来看利润率。这个数字简直离谱。这家公司的利润率为 47%。这实际上接近 Amazon 的整体利润率。太惊人了。
For example, let's look at the profit margin. This number is simply insane. This company's profit margin is 47%. This is actually close to Amazon's total profit margins. It's amazing.
目前，该股交易价格为 659，我认为公允价值约为每股 700 美元。这意味着较今天只有 6% 的潜在涨幅。因此，Mastercard 并不是我认为被低估的公司。我认为它的交易价格已接近其公允价值。
Currently, the stock is trading at 659 and I believe the fair value is around $700 per share. This means potential gains of only 6% from today. Therefore, Mastercard is not a company that I believe is undervalued.
I think it's trading at a price close to its fair value.
首先，它的远期市盈率约为 30 倍。这看起来可能很贵，但你必须结合公司的经济特质来看市盈率。Mastercard 比世界上 99% 的公司都要好得多。因此，它理应享有更高的市盈率。
First, we have a forward price-to-earnings ratio of around 30. That may seem expensive, but you have to look at the price-to-earnings ratio in the context of the company's economics.
Mastercard is a much better company than 99% of companies in the world. Therefore, it deserves a higher price-to-earnings ratio.
看这家公司随后的估值，它最近经历了显著的复苏，价格大幅反弹。你可以看到，它在 2016 年中期时的估值非常低，但自那以后就恢复了。现在，它已回到其长期惯常的市盈率水平。事实上，它仍略低于历史平均市盈率。
Looking at the company's subsequent valuation, it has recently experienced a significant recovery and its prices have rebounded tremendously. You can see that it was trading at a very low valuation in the middle of 2016, but it has recovered since then.
Now, it has returned to its usual price-to-earnings ratio over time. In fact, it is still slightly below the historical average price-to-earnings ratio .
当我清晰地审视 Mastercard 时，我看到一家如今已回到其应有位置的公司。公司经营良好。最新财报显示出持续的强劲表现。我相信它的竞争优势一如既往地宽广。公司正在实现创纪录的利润，如今已回到其惯常的历史平均市盈率。
所以，以 700 美元的价格买入 Mastercard，潜在涨幅很小，但对我来说，就是持有。
When I look at Mastercard with a clear vision, I see a company that has now returned to where it deserves to be. The company is doing well. The latest earnings report showed continued strength.
I believe its competitive advantage is as broad as it always has been. The company is achieving record profits and has now returned to its usual historical average price-to-earnings ratio.
So, at $700 for a Mastercard , there's a small potential gain, but for me, it's to hold.
随着时间推移，从现金支付向数字支付的转变，对 Visa 和 Mastercard 来说是相似的。
The shift from cash payments to digital payments over time is similar for Visa and Mastercard.
这个频道对 $MA 的历次判断
Joseph Carlson After Hours 在这只股票上共 5 条判断，这里只列相邻的几条。