Team Spotlight
Rajesh Dheenathayalan, CFA®
Investment Analyst
We are pleased to introduce Rajesh Dheenathayalan, CFA®, a vital member of our team as an Investment Analyst. Rajesh is responsible for stock research and valuation analysis — identifying high-quality investment opportunities and scrutinizing how businesses generate long-term value. He brings over a decade of analytical experience across capital markets, investment research, and financial strategy, including tenures at Marmore MENA Intelligence and KPMG's Deal Advisory team in Kuwait. Rajesh is a proud CFA charterholder and holds a Master of Finance degree (with distinction) from Hult International Business School in Boston. He joined the Tilia team on July 1st, 2025.
Stock Spotlight: Visa, Inc. (V)
Visa, Inc. is a stock that we have long viewed as a strategic, core holding for clients, and its long-term relative performance is exceptional — significantly outperforming both the S&P 500 Index and the S&P 500 Financials Index over the past decade.
Over the last decade, Net Revenues have expanded at a compound annual growth rate of roughly 10% a year, Diluted Earnings Per Share has grown at an average rate of approximately 18% a year, and the company has grown its dividend every year since its IPO.
While the average person may think of Visa as a credit card company, the company doesn't actually issue credit to anyone. Visa is the payment processor, and takes a tiny cut of all payment volume conducted over its vast network. As inflation makes everyday spending more expensive, Visa's tiny cut of that volume makes it a natural inflation hedge for investors.
Global Payment Rails & Unmatched Scale
Visa's network is the operating system for global commerce. The company facilitated 233.8 billion total transactions in fiscal year 2024, with total volume reaching $15.7 trillion — nearly double the total volume processed by the nearest competitor, Mastercard. This scale is cemented by 4.6 billion payment credentials in circulation, accepted at over 150 million merchant locations worldwide. Within domestic debit card transactions, Visa holds roughly 70% market share.
Diversified Growth Vectors
Visa is successfully executing a strategy to capture "New Flows" beyond traditional consumer card swipe revenue. Visa Direct, its real-time push payments service, facilitated nearly 10 billion transactions in 2024, and Visa Commercial Solutions volume reached $1.7 trillion, capitalizing on the multi-trillion-dollar business-to-business payments market.
Proprietary Value-Added Services
Expanding the suite of security, data, and consulting services deepens client relationships and provides a high-margin revenue stream. In 2024, Visa signed over 12,000 new deals and renewals for Value-Added Services, marking a 17% year-over-year increase. New products such as Visa Payment Passkey for biometric authentication ensure the network remains the most secure.
Continued Digitalization Runway
The shift from cash to digital remains a massive, multi-decade secular trend, and Visa is leading the conversion. "Tap to Pay" now accounts for 72% of all face-to-face Visa transactions globally — demonstrating the continued migration away from physical payment methods.
In the short run, Visa faces ongoing competition from fintechs and regulatory scrutiny regarding domestic payment rails. However, over the longer term, we are confident that the company's indispensable network, superior scale, and commitment to innovation will continue to reward shareholders.
Sources
Nasdaq — Visa at 25x Earnings: Premium Story or Better Buy on Pullback?
Visa, Inc. Investor Relations (data compiled from annual reports and press releases)