Intrinsic value of Euronet Worldwide - EEFT

Previous Close

$95.97

  Intrinsic Value

$207.58

stock screener

  Rating & Target

str. buy

+116%

  Value-price divergence*

-1%

Previous close

$95.97

 
Intrinsic value

$207.58

 
Up/down potential

+116%

 
Rating

str. buy

 
Value-price divergence*

-1%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EEFT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.55
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  1,959
  2,206
  2,467
  2,742
  3,031
  3,334
  3,650
  3,980
  4,324
  4,682
  5,054
  5,440
  5,842
  6,259
  6,693
  7,144
  7,613
  8,101
  8,609
  9,138
  9,688
  10,262
  10,861
  11,485
  12,137
  12,817
  13,528
  14,271
  15,047
  15,859
  16,709
Variable operating expenses, $m
 
  1,668
  1,857
  2,057
  2,266
  2,485
  2,715
  2,954
  3,203
  3,462
  3,732
  3,943
  4,234
  4,537
  4,851
  5,178
  5,518
  5,872
  6,240
  6,623
  7,022
  7,438
  7,872
  8,324
  8,796
  9,289
  9,805
  10,343
  10,906
  11,494
  12,110
Fixed operating expenses, $m
 
  233
  238
  244
  251
  257
  263
  270
  277
  283
  291
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
  411
  421
  431
  442
  453
  465
  476
Total operating expenses, $m
  1,709
  1,901
  2,095
  2,301
  2,517
  2,742
  2,978
  3,224
  3,480
  3,745
  4,023
  4,241
  4,539
  4,850
  5,172
  5,507
  5,855
  6,217
  6,594
  6,986
  7,394
  7,819
  8,263
  8,725
  9,207
  9,710
  10,236
  10,785
  11,359
  11,959
  12,586
Operating income, $m
  250
  305
  371
  441
  515
  592
  672
  757
  844
  936
  1,031
  1,199
  1,303
  1,410
  1,521
  1,637
  1,758
  1,884
  2,015
  2,152
  2,294
  2,443
  2,598
  2,760
  2,930
  3,107
  3,292
  3,485
  3,688
  3,900
  4,123
EBITDA, $m
  331
  408
  478
  553
  630
  712
  798
  887
  980
  1,077
  1,178
  1,283
  1,393
  1,506
  1,625
  1,748
  1,876
  2,009
  2,148
  2,293
  2,444
  2,601
  2,766
  2,937
  3,117
  3,304
  3,500
  3,705
  3,920
  4,145
  4,380
Interest expense (income), $m
  14
  20
  28
  36
  45
  54
  64
  74
  84
  95
  106
  118
  130
  143
  156
  170
  184
  199
  215
  231
  248
  265
  283
  302
  322
  343
  365
  387
  411
  435
  461
Earnings before tax, $m
  233
  286
  344
  405
  470
  538
  609
  683
  760
  841
  925
  1,081
  1,172
  1,267
  1,365
  1,467
  1,574
  1,685
  1,800
  1,921
  2,047
  2,178
  2,315
  2,458
  2,607
  2,764
  2,927
  3,098
  3,277
  3,465
  3,661
Tax expense, $m
  59
  77
  93
  109
  127
  145
  164
  184
  205
  227
  250
  292
  316
  342
  369
  396
  425
  455
  486
  519
  553
  588
  625
  664
  704
  746
  790
  837
  885
  936
  989
Net income, $m
  174
  208
  251
  296
  343
  393
  444
  499
  555
  614
  675
  789
  856
  925
  996
  1,071
  1,149
  1,230
  1,314
  1,402
  1,494
  1,590
  1,690
  1,794
  1,903
  2,017
  2,137
  2,262
  2,392
  2,529
  2,673

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  734
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,713
  2,228
  2,492
  2,770
  3,062
  3,368
  3,687
  4,020
  4,368
  4,729
  5,105
  5,495
  5,901
  6,323
  6,761
  7,216
  7,690
  8,183
  8,696
  9,230
  9,786
  10,366
  10,970
  11,601
  12,259
  12,946
  13,664
  14,415
  15,199
  16,020
  16,878
Adjusted assets (=assets-cash), $m
  1,979
  2,228
  2,492
  2,770
  3,062
  3,368
  3,687
  4,020
  4,368
  4,729
  5,105
  5,495
  5,901
  6,323
  6,761
  7,216
  7,690
  8,183
  8,696
  9,230
  9,786
  10,366
  10,970
  11,601
  12,259
  12,946
  13,664
  14,415
  15,199
  16,020
  16,878
Revenue / Adjusted assets
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
Average production assets, $m
  408
  459
  513
  570
  631
  693
  759
  828
  899
  974
  1,051
  1,132
  1,215
  1,302
  1,392
  1,486
  1,584
  1,685
  1,791
  1,901
  2,015
  2,135
  2,259
  2,389
  2,524
  2,666
  2,814
  2,968
  3,130
  3,299
  3,475
Working capital, $m
  406
  -331
  -370
  -411
  -455
  -500
  -548
  -597
  -649
  -702
  -758
  -816
  -876
  -939
  -1,004
  -1,072
  -1,142
  -1,215
  -1,291
  -1,371
  -1,453
  -1,539
  -1,629
  -1,723
  -1,820
  -1,923
  -2,029
  -2,141
  -2,257
  -2,379
  -2,506
Total debt, $m
  604
  792
  1,029
  1,278
  1,541
  1,815
  2,102
  2,401
  2,713
  3,038
  3,375
  3,726
  4,090
  4,469
  4,862
  5,271
  5,697
  6,139
  6,600
  7,079
  7,579
  8,100
  8,642
  9,209
  9,800
  10,417
  11,062
  11,735
  12,440
  13,177
  13,947
Total liabilities, $m
  1,813
  2,001
  2,238
  2,487
  2,750
  3,024
  3,311
  3,610
  3,922
  4,247
  4,584
  4,935
  5,299
  5,678
  6,071
  6,480
  6,906
  7,348
  7,809
  8,288
  8,788
  9,309
  9,851
  10,418
  11,009
  11,626
  12,271
  12,944
  13,649
  14,386
  15,156
Total equity, $m
  900
  227
  254
  283
  312
  344
  376
  410
  445
  482
  521
  560
  602
  645
  690
  736
  784
  835
  887
  941
  998
  1,057
  1,119
  1,183
  1,250
  1,321
  1,394
  1,470
  1,550
  1,634
  1,722
Total liabilities and equity, $m
  2,713
  2,228
  2,492
  2,770
  3,062
  3,368
  3,687
  4,020
  4,367
  4,729
  5,105
  5,495
  5,901
  6,323
  6,761
  7,216
  7,690
  8,183
  8,696
  9,229
  9,786
  10,366
  10,970
  11,601
  12,259
  12,947
  13,665
  14,414
  15,199
  16,020
  16,878
Debt-to-equity ratio
  0.671
  3.480
  4.050
  4.520
  4.930
  5.280
  5.590
  5.860
  6.090
  6.300
  6.480
  6.650
  6.800
  6.930
  7.050
  7.160
  7.260
  7.360
  7.440
  7.520
  7.590
  7.660
  7.720
  7.780
  7.840
  7.890
  7.940
  7.980
  8.020
  8.060
  8.100
Adjusted equity ratio
  0.084
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  174
  208
  251
  296
  343
  393
  444
  499
  555
  614
  675
  789
  856
  925
  996
  1,071
  1,149
  1,230
  1,314
  1,402
  1,494
  1,590
  1,690
  1,794
  1,903
  2,017
  2,137
  2,262
  2,392
  2,529
  2,673
Depreciation, amort., depletion, $m
  81
  103
  107
  111
  116
  120
  125
  130
  136
  141
  147
  84
  90
  96
  103
  110
  117
  125
  133
  141
  149
  158
  167
  177
  187
  197
  208
  220
  232
  244
  257
Funds from operations, $m
  462
  311
  358
  407
  459
  513
  570
  629
  691
  755
  822
  873
  946
  1,021
  1,100
  1,181
  1,266
  1,355
  1,447
  1,543
  1,643
  1,748
  1,857
  1,971
  2,090
  2,215
  2,345
  2,482
  2,624
  2,774
  2,930
Change in working capital, $m
  94
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
Cash from operations, $m
  368
  348
  397
  448
  502
  558
  617
  678
  742
  809
  878
  931
  1,006
  1,084
  1,165
  1,249
  1,337
  1,428
  1,523
  1,622
  1,726
  1,834
  1,947
  2,065
  2,188
  2,317
  2,452
  2,593
  2,741
  2,896
  3,058
Maintenance CAPEX, $m
  0
  -30
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -67
  -72
  -78
  -84
  -90
  -96
  -103
  -110
  -117
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -220
  -232
  -244
New CAPEX, $m
  -87
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -101
  -106
  -110
  -115
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
Cash from investing activities, $m
  -149
  -81
  -88
  -95
  -102
  -110
  -117
  -125
  -132
  -141
  -149
  -158
  -168
  -177
  -186
  -197
  -208
  -218
  -231
  -243
  -256
  -268
  -282
  -297
  -313
  -329
  -345
  -363
  -382
  -401
  -421
Free cash flow, $m
  219
  267
  309
  353
  400
  449
  500
  554
  609
  668
  728
  773
  839
  907
  978
  1,052
  1,129
  1,209
  1,293
  1,380
  1,471
  1,565
  1,664
  1,768
  1,876
  1,988
  2,107
  2,230
  2,359
  2,495
  2,637
Issuance/(repayment) of debt, $m
  149
  223
  237
  250
  262
  275
  287
  299
  312
  324
  337
  351
  364
  379
  394
  409
  425
  443
  461
  480
  500
  521
  543
  566
  591
  617
  645
  674
  704
  737
  771
Issuance/(repurchase) of shares, $m
  -71
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  80
  223
  237
  250
  262
  275
  287
  299
  312
  324
  337
  351
  364
  379
  394
  409
  425
  443
  461
  480
  500
  521
  543
  566
  591
  617
  645
  674
  704
  737
  771
Total cash flow (excl. dividends), $m
  277
  490
  546
  603
  662
  723
  787
  853
  921
  992
  1,066
  1,124
  1,203
  1,286
  1,372
  1,461
  1,554
  1,652
  1,753
  1,859
  1,970
  2,086
  2,207
  2,334
  2,467
  2,606
  2,751
  2,904
  3,064
  3,232
  3,407
Retained Cash Flow (-), $m
  -75
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  699
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,163
  519
  574
  632
  692
  754
  819
  886
  955
  1,027
  1,084
  1,162
  1,243
  1,327
  1,415
  1,506
  1,601
  1,701
  1,805
  1,913
  2,027
  2,145
  2,270
  2,400
  2,536
  2,678
  2,827
  2,984
  3,148
  3,320
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,115
  475
  500
  521
  536
  547
  553
  554
  549
  539
  515
  496
  472
  445
  415
  383
  348
  313
  278
  243
  210
  178
  149
  122
  99
  78
  61
  46
  34
  25
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Euronet Worldwide, Inc. is an electronic payments provider. The Company offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Its product offerings include automated teller machine (ATM), point-of-sale (POS), card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products. It operates in three segments: EFT Processing Segment provides electronic payment solutions consisting of ATM cash withdrawal and deposit services, outsourced ATM and POS management solutions, and credit and debit card outsourcing; epay Segment provides electronic distribution and processing of prepaid mobile airtime and other electronic payment products and collection services, and Money Transfer Segment provides global consumer-to-consumer money transfer services and global account-to-account money transfer services.

FINANCIAL RATIOS  of  Euronet Worldwide (EEFT)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 2.6
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 17.9
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16%
Cap. Spend. - 3 Yr. Gr. Rate 13.1%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 63.2%
Total Debt to Equity 67.1%
Interest Coverage 18
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 20.2%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 40%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 14.2%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 11.3%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 9.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 6.9%
Effective Tax Rate 25.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 0%

EEFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EEFT stock intrinsic value calculation we used $1959 million for the last fiscal year's total revenue generated by Euronet Worldwide. The default revenue input number comes from 2016 income statement of Euronet Worldwide. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EEFT stock valuation model: a) initial revenue growth rate of 12.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EEFT is calculated based on our internal credit rating of Euronet Worldwide, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Euronet Worldwide.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EEFT stock the variable cost ratio is equal to 76%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $227 million in the base year in the intrinsic value calculation for EEFT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Euronet Worldwide.

Corporate tax rate of 27% is the nominal tax rate for Euronet Worldwide. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EEFT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EEFT are equal to 20.8%.

Life of production assets of 13.5 years is the average useful life of capital assets used in Euronet Worldwide operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EEFT is equal to -15%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $900 million for Euronet Worldwide - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 52.273 million for Euronet Worldwide is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Euronet Worldwide at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ Blocked deal signals potential opening for Euronet   [Sep-19-17 06:24PM  American City Business Journals]
▶ Take a Hint, Jack   [Sep-18-17 12:30AM  Bloomberg]
▶ Euronet Worldwide beats Street 2Q forecasts   [Jul-25-17 11:54PM  Associated Press]
▶ Euronet keeps stirring the pot on competitors sale to Alibaba unit   [Jul-13-17 04:25PM  American City Business Journals]
▶ Three Momentum Stocks Breaking Out   [Jun-07-17 01:00PM  Investopedia]
▶ MoneyGram shareholders approve deal with Ant Financial, ruling expected 'mid-summer'   [May-16-17 12:33PM  American City Business Journals]
▶ [$$] US lawmakers sharpen criticism of $1.2bn MoneyGram deal   [May-14-17 09:07PM  Financial Times]
▶ Euronet Worldwide Keeps Its Acquisition Powder Dry   [May-01-17 04:45PM  Motley Fool]
▶ Euronet Worldwide meets 1Q profit forecasts   [Apr-26-17 05:01AM  Associated Press]
▶ Ant Finanical ups the ante for MoneyGram   [11:16AM  American City Business Journals]
▶ Euronet Worldwides Statement on MoneyGram   [09:27AM  GlobeNewswire]
▶ [$$] China's Ant Financial sweetens bid for MoneyGram   [Apr-16-17 11:33PM  Financial Times]
▶ Jack's Back. With More Money, Too   [10:18PM  Bloomberg]
▶ [$$] MoneyGram rejects rival's claims about Chinese bid   [Apr-11-17 12:07PM  Financial Times]
▶ The mobile payments industry is booming outside the US   [Apr-08-17 10:07AM  Yahoo Finance]
▶ MoneyGram bidding war: Ant Financial points to EyeVerify's success   [12:40PM  American City Business Journals]
▶ [$$] Ant Financial and Euronet Take MoneyGram Fight to Capitol Hill   [Apr-04-17 07:03AM  The Wall Street Journal]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
▶ Deals of the day-Mergers and acquisitions   [Mar-29-17 04:01PM  Investopedia]
▶ Up Your MoneyGram Bid, Comrade Jack   [Mar-20-17 11:33PM  Bloomberg]
▶ [$$] Alibaba Outmaneuvered by Euronet?   [Mar-15-17 03:29PM  at Barrons.com]
▶ The Hot Stock: Western Union Jumps 3.5%   [04:42PM  at Barrons.com]
Financial statements of EEFT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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