To start this off, I do know Visa dominates the card space by having over 50% of market share with Mastercard controlling around 22% and American Express controlling 18% roughly.
Visa and Mastercard both trade around a 33 PE and above a 15 Price to Sales. This is brutal to me and seems all the dominance is priced in or just trading at an overvaluation. AXP trades at a 16 PE and around a 2 Price to Sales.
AMEX is right there with MA as far as the market share and they issue their own cards unlike MA. I know they are dominant in their space and create a crazy amount of money but the valuation seems brutal. Anyone have thoughts?
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