American Express Company

Mastercard Incorporated

VISA Inc.

Hello a new investor here, trying to figure out CS. I have a question, I dont find a lot of analysis on Amex, being such a popular brand. Any link to good analysis? How do you see the company value right now?

My thinking:
- Should be value more like a bank rather than comparing with $V or $MA
- Forward PE seems “low” versus current overall market multiple
- For a bank a good multiple is P/book value; in  $AXP p/book value is high compare to most of the banks
- Last year results include one offs: reversion of provision for credit losses
- Dividend yield: almost in line with historical yield
- Future growth: I see the moat and despite not being accepted everywhere, target the luxury segment and can see it growing at +10% a year

Thank you all

@nickb and @dapper_dividends might have some good takes on American Express, or @reasonableyield