Intrinsic value of Euronet Worldwide - EEFT

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$84.82

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$84.82

 
Intrinsic value

$176.42

 
Up/down potential

+108%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 4.5

 

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
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  1,959
  2,163
  2,376
  2,599
  2,831
  3,073
  3,324
  3,586
  3,858
  4,141
  4,434
  4,739
  5,057
  5,387
  5,730
  6,087
  6,459
  6,847
  7,251
  7,672
  8,112
  8,570
  9,050
  9,550
  10,073
  10,621
  11,193
  11,791
  12,418
  13,074
  13,761
Variable operating expenses, $m
 
  1,637
  1,791
  1,952
  2,121
  2,296
  2,478
  2,668
  2,865
  3,070
  3,283
  3,435
  3,665
  3,904
  4,153
  4,412
  4,681
  4,962
  5,255
  5,561
  5,879
  6,212
  6,559
  6,922
  7,301
  7,698
  8,112
  8,546
  9,000
  9,476
  9,974
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
  1,870
  2,029
  2,196
  2,372
  2,553
  2,741
  2,938
  3,142
  3,353
  3,574
  3,733
  3,970
  4,217
  4,474
  4,741
  5,018
  5,307
  5,609
  5,924
  6,251
  6,593
  6,950
  7,323
  7,712
  8,119
  8,543
  8,988
  9,453
  9,941
  10,450
Operating income, $m
  250
  294
  346
  402
  460
  520
  583
  648
  716
  787
  861
  1,007
  1,086
  1,170
  1,256
  1,347
  1,441
  1,539
  1,642
  1,749
  1,861
  1,978
  2,100
  2,228
  2,362
  2,502
  2,649
  2,803
  2,965
  3,134
  3,311
EBITDA, $m
  331
  396
  452
  511
  572
  636
  703
  772
  845
  920
  998
  1,080
  1,164
  1,253
  1,345
  1,440
  1,540
  1,644
  1,753
  1,867
  1,986
  2,110
  2,239
  2,375
  2,517
  2,666
  2,822
  2,985
  3,156
  3,335
  3,523
Interest expense (income), $m
  14
  20
  24
  30
  37
  44
  52
  59
  67
  76
  84
  93
  103
  112
  123
  133
  144
  155
  167
  180
  193
  206
  220
  235
  250
  266
  283
  300
  319
  338
  358
Earnings before tax, $m
  233
  274
  323
  371
  422
  476
  531
  589
  649
  711
  776
  913
  984
  1,057
  1,134
  1,213
  1,297
  1,384
  1,474
  1,569
  1,668
  1,772
  1,880
  1,993
  2,112
  2,236
  2,366
  2,503
  2,646
  2,796
  2,953
Tax expense, $m
  59
  74
  87
  100
  114
  128
  143
  159
  175
  192
  210
  247
  266
  285
  306
  328
  350
  374
  398
  424
  450
  478
  508
  538
  570
  604
  639
  676
  714
  755
  797
Net income, $m
  174
  200
  235
  271
  308
  347
  388
  430
  474
  519
  567
  667
  718
  772
  828
  886
  947
  1,010
  1,076
  1,145
  1,218
  1,293
  1,372
  1,455
  1,542
  1,632
  1,727
  1,827
  1,931
  2,041
  2,156

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  810
  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
  2,102
  2,309
  2,525
  2,751
  2,986
  3,231
  3,485
  3,749
  4,024
  4,309
  4,606
  4,914
  5,235
  5,568
  5,916
  6,277
  6,654
  7,046
  7,456
  7,883
  8,329
  8,795
  9,281
  9,790
  10,321
  10,877
  11,459
  12,068
  12,706
  13,373
Adjusted assets (=assets-cash), $m
  1,903
  2,102
  2,309
  2,525
  2,751
  2,986
  3,231
  3,485
  3,749
  4,024
  4,309
  4,606
  4,914
  5,235
  5,568
  5,916
  6,277
  6,654
  7,046
  7,456
  7,883
  8,329
  8,795
  9,281
  9,790
  10,321
  10,877
  11,459
  12,068
  12,706
  13,373
Revenue / Adjusted assets
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
Average production assets, $m
  408
  450
  494
  541
  589
  639
  691
  746
  802
  861
  922
  986
  1,052
  1,120
  1,192
  1,266
  1,344
  1,424
  1,508
  1,596
  1,687
  1,783
  1,882
  1,986
  2,095
  2,209
  2,328
  2,453
  2,583
  2,719
  2,862
Working capital, $m
  406
  -407
  -447
  -489
  -532
  -578
  -625
  -674
  -725
  -778
  -834
  -891
  -951
  -1,013
  -1,077
  -1,144
  -1,214
  -1,287
  -1,363
  -1,442
  -1,525
  -1,611
  -1,701
  -1,795
  -1,894
  -1,997
  -2,104
  -2,217
  -2,335
  -2,458
  -2,587
Total debt, $m
  604
  683
  869
  1,064
  1,267
  1,479
  1,699
  1,927
  2,165
  2,412
  2,669
  2,936
  3,214
  3,502
  3,803
  4,115
  4,440
  4,779
  5,133
  5,501
  5,886
  6,287
  6,706
  7,144
  7,602
  8,080
  8,581
  9,104
  9,652
  10,226
  10,827
Total liabilities, $m
  1,813
  1,892
  2,078
  2,273
  2,476
  2,688
  2,908
  3,136
  3,374
  3,621
  3,878
  4,145
  4,423
  4,711
  5,012
  5,324
  5,649
  5,988
  6,342
  6,710
  7,095
  7,496
  7,915
  8,353
  8,811
  9,289
  9,790
  10,313
  10,861
  11,435
  12,036
Total equity, $m
  900
  210
  231
  253
  275
  299
  323
  348
  375
  402
  431
  461
  491
  523
  557
  592
  628
  665
  705
  746
  788
  833
  879
  928
  979
  1,032
  1,088
  1,146
  1,207
  1,271
  1,337
Total liabilities and equity, $m
  2,713
  2,102
  2,309
  2,526
  2,751
  2,987
  3,231
  3,484
  3,749
  4,023
  4,309
  4,606
  4,914
  5,234
  5,569
  5,916
  6,277
  6,653
  7,047
  7,456
  7,883
  8,329
  8,794
  9,281
  9,790
  10,321
  10,878
  11,459
  12,068
  12,706
  13,373
Debt-to-equity ratio
  0.671
  3.250
  3.760
  4.210
  4.610
  4.950
  5.260
  5.530
  5.780
  6.000
  6.190
  6.380
  6.540
  6.690
  6.830
  6.960
  7.070
  7.180
  7.280
  7.380
  7.470
  7.550
  7.630
  7.700
  7.770
  7.830
  7.890
  7.940
  8.000
  8.050
  8.100
Adjusted equity ratio
  0.047
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  174
  200
  235
  271
  308
  347
  388
  430
  474
  519
  567
  667
  718
  772
  828
  886
  947
  1,010
  1,076
  1,145
  1,218
  1,293
  1,372
  1,455
  1,542
  1,632
  1,727
  1,827
  1,931
  2,041
  2,156
Depreciation, amort., depletion, $m
  81
  102
  106
  109
  113
  116
  120
  124
  128
  133
  137
  73
  78
  83
  88
  94
  100
  105
  112
  118
  125
  132
  139
  147
  155
  164
  172
  182
  191
  201
  212
Funds from operations, $m
  462
  302
  341
  380
  421
  463
  508
  554
  602
  652
  704
  740
  796
  855
  916
  980
  1,046
  1,115
  1,188
  1,264
  1,343
  1,425
  1,512
  1,602
  1,697
  1,796
  1,900
  2,009
  2,123
  2,242
  2,368
Change in working capital, $m
  94
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -123
  -129
Cash from operations, $m
  368
  372
  381
  422
  465
  509
  555
  603
  653
  705
  759
  797
  856
  917
  980
  1,047
  1,116
  1,188
  1,264
  1,343
  1,425
  1,512
  1,602
  1,696
  1,795
  1,899
  2,007
  2,121
  2,241
  2,366
  2,497
Maintenance CAPEX, $m
  0
  -30
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -105
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -164
  -172
  -182
  -191
  -201
New CAPEX, $m
  -87
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -136
  -143
Cash from investing activities, $m
  -149
  -72
  -77
  -83
  -88
  -94
  -99
  -105
  -112
  -118
  -125
  -131
  -139
  -147
  -154
  -162
  -171
  -181
  -189
  -200
  -209
  -220
  -232
  -243
  -256
  -269
  -283
  -297
  -312
  -327
  -344
Free cash flow, $m
  219
  299
  303
  339
  376
  415
  455
  498
  541
  587
  634
  665
  717
  770
  826
  884
  945
  1,008
  1,074
  1,143
  1,216
  1,291
  1,370
  1,453
  1,539
  1,630
  1,725
  1,824
  1,929
  2,038
  2,153
Issuance/(repayment) of debt, $m
  149
  114
  187
  195
  203
  212
  220
  229
  238
  247
  257
  267
  278
  289
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  458
  478
  500
  524
  548
  574
  601
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
  114
  187
  195
  203
  212
  220
  229
  238
  247
  257
  267
  278
  289
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  458
  478
  500
  524
  548
  574
  601
Total cash flow (excl. dividends), $m
  277
  413
  490
  534
  579
  627
  676
  726
  779
  834
  891
  932
  994
  1,059
  1,126
  1,197
  1,270
  1,347
  1,428
  1,512
  1,600
  1,692
  1,789
  1,891
  1,997
  2,108
  2,225
  2,348
  2,477
  2,612
  2,754
Retained Cash Flow (-), $m
  -75
  -85
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
Prev. year cash balance distribution, $m
 
  775
  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
 
  1,103
  469
  512
  557
  603
  651
  701
  753
  807
  863
  902
  963
  1,027
  1,093
  1,162
  1,234
  1,310
  1,388
  1,471
  1,557
  1,648
  1,743
  1,842
  1,946
  2,055
  2,170
  2,290
  2,416
  2,548
  2,687
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
 
  1,057
  430
  446
  458
  467
  473
  474
  470
  463
  452
  429
  411
  390
  367
  341
  314
  285
  256
  226
  198
  170
  145
  121
  99
  80
  63
  49
  37
  28
  20
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. provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers worldwide. The company operates in three segments: Electronic Financial Transaction (EFT) Processing, epay, and Money Transfer. The EFT Processing segment provides electronic payment solutions, including automated teller machine (ATM) cash withdrawal and deposit services, ATM network participation, outsourced ATM and point-of-sale (POS) management solutions, credit and debit card outsourcing, card issuing, and merchant acquiring services. This segment also offers ATM and POS dynamic currency conversion, advertising, customer relationship management, mobile top-up, bill payment, fraud management, and foreign remittance payout services; and integrated EFT software solutions for electronic payments and transaction delivery systems. As of December 31, 2014, it operated a network of 20,364 ATMs; and approximately 69,000 POS terminals. The epay segment engages in the electronic distribution and processing of prepaid mobile airtime and other electronic payment products; and provision of collection services for payment products, cards, and services, as well as vouchers and physical gift fulfillment, and gift card distribution and processing services. This segment operated a network of approximately 681,000 POS terminals. The Money Transfer segment provides consumer-to-consumer, and account-to-account money transfer services; customers bill payment services; payment alternatives, such as money orders and prepaid debit cards; check cashing services for various issued checks; foreign currency exchange and mobile top-up services; and cash management and foreign currency risk management services. The company was formerly known as Euronet Services, Inc. and changed its name to Euronet Worldwide, Inc. in August 2001. Euronet Worldwide, Inc. was founded in 1994 and is headquartered in Leawood, Kansas.

FINANCIAL RATIOS  of  Euronet Worldwide (EEFT)

Valuation Ratios
P/E Ratio 25.5
Price to Sales 2.3
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 15.8
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 23
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 10.4% 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 -18.8%. 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 52.502 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 $4.5 billion.


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COMPANY NEWS

▶ 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]
▶ MoneyGram: Out of Ma's Reach?   [01:27PM  at Barrons.com]
▶ [$$] Euronet Worldwide Makes Unsolicited Bid for MoneyGram   [09:22AM  at The Wall Street Journal]
▶ 3 Stocks I'd Hate to Buy   [Mar-11-17 10:48AM  at Motley Fool]
▶ Which KC-area stocks had the best, worst February? Take a look   [Mar-03-17 04:00PM  at bizjournals.com]
▶ Money Transfer Is a Boon to Euronet Worldwide   [Feb-09-17 04:45PM  at Motley Fool]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [Dec-14-16 02:13AM  at Insider Monkey]
▶ Euronet Worldwide delivers 'another outstanding quarter'   [Oct-21-16 03:45PM  at bizjournals.com]
Stock chart of EEFT 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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