that's totally not correct.
I don't think you understand their segment mix of GDV.
each segment earns a different clip. hence not all GDV was created equally!
VAN GDV is rocketing from $2.4 billion to $5.5 billion and now $10 billion run rate. but that's clipping 12 bps.
as a comparison, Gift and incentive is at $1.08B but that earned 627bps.
there is Zero margin pressure. it's just a different mix.
what's important is dollar revenue going up and profit margins going up. and all those metrics are accelerating.
Key Takeaways from FY2019 result and $5.75 Valuation, page-3
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