Capital One has more room to run after its Discover acquisition, Jim Cramer says
"Capital One's stock has already had a major run this year, but that's because the Discover acquisition is incredibly positive," he said. "I'm betting the stock has a lot more room to run."
Capital One announced it had completed the purchase in May, buying Discover in a $35.3 billion all-stock deal. The bank first revealed definitive plans to acquire Discover in February of last year. Shares of Capital One have climbed more than 11% since the deal closed, according to FactSet, and the stock is currently up 23.26% year-to-date.
While Capital One has always been a major credit card issuer, the merger gives it ownership of one of the top payment networks, Cramer said, which is a big opportunity for the company. The acquisition allows Capital One to scale up and become "a truly global payments platform," he continued. Cramer said the acquisition also reduces the company's reliance on MasterCard and Visa, as it has its own payment network that can collect transaction fees directly.
Cramer was pleased that Capital One expects the deal to boost earnings per share 15% by 2027 and realize $1.5 billion in cost synergies. The acquisition also unlocks new international opportunities for Capital One, Cramer continued, and provides the scale to invest more heavily in premium perks for cardholders.
According to Cramer, there's still a chance to get in on the stock despite its recent gains. He said the company has "a tremendous growth story" and it's "not done anywhere near here."
"Even though the stock's within … spitting distance of its all-time high," Cramer said. "I think it's still way too cheap here at a mere 11 times next year's earnings, and I think it is poised to have multiple years of outstanding growth."
Capital One declined to comment.
Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter.Disclaimer The CNBC Investing Club Charitable Trust owns shares of Capital One.
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Deregulation The agencies in charge of banks did everything they could to stack the deck against them. The agencies required thousands of people to be hired to comply with anything that they came up with, no matter how draconian, and here I am talking about the Consumer Financial Protection Bureau, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. Again, the regulators crushed the P/E multiples of the banks. The P/Es are now coming back as the banks have been able to shed many of these deadweight internal compliance people, and the government changed the stress tests to make them easier and more realistic. I can see their 14 times multiples go to a 16 or even 17, which is a good reason why we are going against the wisdom of Wall Street and keeping our banks despite their dramatic gains. The agencies are now working actually working for private industry to increase profits. 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We have done our best to stay invested in the best of the tech companies, which will benefit from the Big Beautiful Bill more than most companies and from their own internal actions that we speak about so often. We can also expect a huge premium to be put on cyclical growth stocks like GE Vernova, of which we must buy more, or Eaton, Dover, Honeywell, Linde and Dupont. The banks could have several years where they put up excellent numbers. You will hear us speak more about these stocks as the meeting goes on. Bottom line I think in the end, we are seeing a wholesale revolution in favor of employment, business expansion and profits. All three are remarkably positive for stocks and I believe that Trump will, despite his tariff obsession, continue to press for more jobs, greater expansion and bigger profits. He will do it so snarly and ham-handedly, though, that he will obscure his own success and the success that generative AI is giving him. 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