Mastercard: fee income is now carrying the quarter

Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.

Priya Raman@priya_raman

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Discussion · 6

Yael BrennerJUL 9

I hold the other side of this. The utilisation assumption is where I disagree. Any view on how the read-across affects the rest of the group?

Dana KatzJUL 9

Strong piece, one objection. The utilisation assumption is where I disagree. How much of this do you think is already in the buy side's numbers?

Priya RamanAuthorJUL 8

Fair challenge. The sell side has the direction and not the magnitude, and the magnitude is the entire trade here.

Dana KatzJUL 8

Useful framing. The capital intensity point is the one I keep coming back to. How much does this depend on the macro cooperating?

Pauline VidalJUL 7

Thanks for showing the workings. The utilisation assumption is where I disagree. Any view on how the read-across affects the rest of the group?

Priya RamanAuthorJUL 8

Fair challenge. Early is a fair criticism of my last one on this name. The difference here is that the catalyst is dated rather than open-ended.

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