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Note that the A, B, C numbers from my analysis include the $10B worth of redemptions you cite and also further redemptions resulting from what I believed to be a high likelihood that Visa would price at $42, not the $39.50 Visa assumed. The numbers also include redemptions that I assumed would occur if the underwriters' overallotment option is exercised at $42, which I believed to be likely.

The numbers also account for the fact that B-shares convert to A-shares at a rate determined by the price at which the IPO is set. I assumed B:A of 1:0.69 for this purpose.

The share counts are fully factored and representative of what I believe make for a fair valuation. They exclude class CII and CIII shares, which Visa will redeem in October but which will impact EPS until then. C:A is 1:1. The exclude the equity incentive plan, which I believe will be used to enrich executives and should be added to the total.

Note that the IPO has now been priced at $44, which exceeds Visa's greatest expectation. This changes the numbers. There will be more money from the IPO to redeem shares but the shares will cost more to redeem. Further, the ratio of B:A of 1:0.69 will be lower so there will be fewer A-equivalent B-shares to account for (beneficial to the valuation).
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