MA - Mastercard Inc.

15% of portfolio, expects best-ever margins due to accounting adjustments, double-digit revenue growth, buybacks and dividends

Similar to Visa, asset-light, zero capex, consistent free cash flow growth. Attractive alternative to hyperscalers.

Similar to Visa, has high gross margins and pricing power.

Mastercard owns the payment rails with a strong moat and 75% gross margins.

Non-AI name beaten down due to sentiment. Bought the dip at $470. Fundamentals strong, expects rally to continue and return to all-time highs.

Same thesis as Visa: flat stock for 2 years despite growing revenue and cash flow; wide-moat compounder.

Nour reveals he recently bought Mastercard at a forward P/E of ~23, the same valuation as Netflix, but prefers Mastercard due to greater visibility, consistent management team, and a predictable business model. This is presented as a superior alternative to Netflix at the same valuation.

Same duopoly dynamics as Visa. Wonderful fundamentals, immense margins, revenue/net income/free cash flow all up and to the right. A bit more growth than Visa. Forward P/E of 25. Christophe owns over 10% of his portfolio in Mastercard. Very hard to dislodge.

Mastercard is 14% of portfolio and he is actively buying dips. He views fears around regulation, stablecoins, and countries circumventing Visa/Mastercard as overblown. The forward P/FCF of 23 is seen as too cheap for a high-quality compounder with a wide moat, dual monopoly, bank lobby support, and 20% annual growth. Margins at all-time highs, massive buybacks. He sees Mastercard and Visa as essentially interchangeable investments.

Cited as one of the holdings in his portfolio that meets his criteria of double-digit EPS growth