Mastercard's Strategic Positioning and Growth Potential Justify Long-Term InvestmentWe continue to view the shares’ roughly 15%-16% estimated 2026 P/E premium to Visa as justified and sustainable. The company is driving two to three points faster organic revenue growth with more long-term operating leverage, more diversified and sophisticated VAS (although Visa is closing the gap), and a modestly more forward-looking M&A strategy. We like that Mastercard is diversifying its payments business by focusing on co-brand, premium cards and contactless, opening new markets like China, and open banking. We think the company can sustain robust share gains, powered by its leading VAS solutions, particularly risk intelligence and fraud. Lastly, although China is small today, Mastercard has a lead in processing domestic transactions, and it is monetizing opportunities like transit. These considerations inform our view of superior through-the- cycle financial performance.