American Express Company


SKU: AXP Category:


This is our first report on American Express, one of the world’s largest integrated payment companies. With the company’s results around the corner, let us have a closer look at the company’s recent financial performance and key drivers. Its last quarter was a disaster as Amex failed to meet Wall Street expectations in terms of revenues as well as earnings. The company continued the upward trend in Card Member spending, engagement, and retention in the fourth quarter. Their billed business achieved a quarterly high of $357 billion, illustrating their ongoing capacity to attract, engage, and keep premium cardholders with high spending habits. Consumer loyalty and satisfaction remained high. New card acquisitions increased by 12.5 million, and approximately 70% of the new customers they gained were on fee-based products. Besides that, the company signed an agreement to acquire Nipendo and expanded their B2b platform. The management further intends to manage the business with a focus on generating revenue growth of over 10% and EPS growth in the mid-teens in 2024 and beyond as they transition to a more stable macro environment. We initiate coverage on the stock of the American Express Company with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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