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GLG News by this Author
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Have the plaintiffs in the consolidated antitrust interchange suit committed a blunder?
May 26, 2006
Merchant Complaint Slams MasterCard's IPO | www.americanbanker.com
Two days before MasterCard's IPO priced the plaintiffs in the consolidated antitrust interchange suit lodged a supplemental complaint against MasterCard. It alleges that, post IPO, the payment network will continue to be anticompetitive and restrain trade and further that freed from restrictions operating overtly as a bank consortium, that its conduct may be worse. The fresh complaint appears to have had little effect on the IPO and in some respects may be a strategic blunder.
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May 26, 2006
MasterCard's IPO: 'Priceless' opportunity? | articles.moneycentral.msn.com
Morningstar thinks MasterCard's fair-market value is ~ $80 per share - more than double its IPO price. The topline should continue to grow at a healthy clip of 10% with operating profits increasing to 17% per annum. If anything, Morningstar's underestimates MasterCard's upside and its downside.
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A rationale for MasterCard trading at a discount to First Data and Global Payments
May 15, 2006
Finally Charging Ahead | online.barrons.com
Barron's suggests MasterCard is a good near term play on payment transaction growth, but that its valuation will be held down by still unclear litigation risk and, with consolidation among its card-issuing customers, margin compression.
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Unshackled from bank control, MasterCard can accelerate growth
May 11, 2006
MasterCard IPO Has a Big Upside | www.intrepidventures.net
Bank control fettered where and how Mastered could pursue growth. Post-IPO it will have the freedom and an imperative to grow.
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MasterCard should be valued between Concord's sale to First Data and PayPal's IPO
May 8, 2006
Priceless? | www.thedeal.com
MasterCard should be valued at a multiple between Concord's sale to First Data and PayPal's IPO.
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Post IPO MasterCard should enjoy considerable upside growth potential
May 8, 2006
MasterCard's Brave New World, Post IPO | www.intrepidventures.net
MasterCard's IPO will free it from bank control opening up an enormous opportunity to develop new nonbank channels for its payment products and enabling it to compete more aggressively in the payment processing business worldwide.
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Why MasterCard's Revamp Will Work (and Visa's Won't)
May 8, 2006
Why MasterCard's Revamp Will Work (and Visa's Won't) | www.americanbanker.com
MasterCard's IPO will substantially eliminate its most dangerous US legal liability exposure on a going forward basis.
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BofA likely to seek and win economic and brand concessions from Visa
April 28, 2006
Bank of America Might Creat Credit-Card Processing Network | online.wsj.com
BofA is likely to seek from Visa and to win lower fees and a reduction in the prominence of Visa's brand on BofA-issued payment cards.
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European credit card issuers and payment networks likely to see fee reductions
April 12, 2006
EU Finds Card Fees Are Too High | online.wsj.com
The EU Commission's soon-to-be-released study suggests credit card fees in the EU are too high and card issuer profits are "excessive," setting regulators up to do what they do: regulate. It portends more hands-on regulation of and mandated, and/or jawboned, fee reductions for credit card issuers operatiing within the European Union, reducing credit card profitability and growth.
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MasterCard's governance in Europe is likely to hamper its post IPO growth
April 10, 2006
MasterCard Europe: Different, But Not Better | www.americanbanker.com
MasterCard's governance in Europe post IPO will put a bridle on its growth.
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PayPal Inches Toward Becoming a General Payment Network
April 10, 2006
PayPal Releases Mobile Payment Services | online.wsj.com
PayPal just launched a mobile payment service. This moves it closer to directly competing with general payment networks such as Amex, Discover, MasterCard and Visa.
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Payment card interchange rates unlikely to fall
April 10, 2006
Let Open Market Decide the Fate Of Interchange | www.americanbanker.com
While there has been a merchant firestorm, a slew of lawsuits and Congressional hearings about interchange, and consequently many analyst forecasts of interchange rate reductions, rates in the United States are unlikely to fall.
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Mobile-phone operators on the brink of become a factor in retail financial services
April 10, 2006
NTT Docomo Announces Launch of Credit Service | www.cardforum.com
NTT Docomo's announcement of the launch of a credit service heralds a new era in which at least some mobile-phone operators will actively compete with retail banks.
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First Data's Portfolio of payment businesses lack coherence
April 10, 2006
Paying Up | www.thedeal.com
First Data is the world's largest third party payment processor. It has disappointed investors and continues to underperform against the opportunity. That said it continues to be better poisitioned than its competitiors to dominate payment processing end-to-end worldwide.
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