1. Visa is underperforming due to regulatory concerns and growth runway doubts, but these are expected to ease in 2025; 2. Visa's FY24 results were strong with 11.7% revenue growth and 16% EPS growth; 3. Value-Added Services and New Flows are underappreciated drivers with significant potential; 4. Visa's current valuation is attractive, trading below Mastercard and historical averages, with a price target of $360 per share based on CY26 earnings.