Visa Inc (V) is a global payment system that provides its clients with access to fast, secure and reliable electronic funds transfer system. Its revenue consists of commission payments charged from customers. Visa holds a portfolio of the following brands: Visa, Visa Electron, PLUS and Interlink.The company recently released a strong financial report for 4Q FY15. According to the report, revenue rose 10.6% y-o-y to USD 3.57 bn. Revenue increased 13% taking into account devaluation effects. Adjusted EPS was up 14.8% y-o-y to USD 0.62. All segments reported growth, however, international segment became growth locomotive (+16% y-o-y).Visa generates a significant cash flow, allowing it to pay generous dividends and buy back shares. The company recently raised quarterly dividend by 17% q-o-q to 14 cents, yielding 0.7%. Visa continues to buy back shares, the company spent USD 2.9 bn for buyback over the year. Visa announced a new buyback program totaling USD 5 bn. The company consolidates its business. Visa recently announced acquisition of its subsidiary Visa Europe for USD 23 bn. This acquisition is to reduce costs and optimize business. We believe that the company will continue to improve its financial performance, which coupled with higher dividend and updated buyback program will boost the company’s share price in the mid-term. We raised our fundamental valuation of Visa shares to USD 85. The short-term technical target is USD 80.