第一资本金融公司（COF）：行业会议演示的关键要点

This afternoon, CEO Rich Fairbank (and SVP of Global Finance Jeff Norris) presented at an industry conference for the first time after the closing of the DFS acquisition (closed on May 18th). The presentation struck a constructive tone on the strategic merits of the acquisition, the state of the consumer and the ability to return additional capital over time. While there was not much in terms of financial updates, its strategic vision for the Discover network, the success the deal could bring to its national banking strategy and their ability to return capital to shareholders are becoming clearer and should serve as catalysts for the stock. See below for our takeaways: Provides update on strategic vision for Discover: COF reiterated their strategy to expand the DFS network, noting that they continue to focus on the roadmap for building out international acceptance from Discover’s current baseline which includes partnerships with 1) merchant acquirers, 2) other international networks, 3)