V - Mastercard: Strong Double-Digit Growth In Q1 Despite Losing Russia

• Mastercard released strong Q1 results yesterday (Thursday), continuing a strong recovery, but shares remain 6% lower than a year ago.
• Excluding currency, Revenues grew 20% and EBIT grew 40% in Q1, despite currency headwinds and the loss of Russian volumes.
• Strong revenues were driven by a broad-based volume rebound, though further potential remains in Travel, especially in Asia Pacific.
• The outlook implies EBIT will grow by 20% in 2022, with the loss of Russian earnings offset by better-than-expected volumes elsewhere.
• With shares at $367.43, we expect an exit price of $628 and a total return of 74% (16.5% annualized) by 2025 year-end. Buy.

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