Coverage weekly

Question 1

Networks: key figures and thesis

Answer 1

LDD topline driven by ~10% CC volume growth, slightly more margin expansion at V vs MA, 3 % from Buybacks drive low teens (lower for V than me)

Question 2

Key difference between V and MA (also volumesh

Answer 2

MA credit exposure is 2/3, and international focus vs V

Total volumes at v 11.6T
TOTAL VOLUMES MA ~8.3

Payment volumes** update