Intrinsic value of Euronet Worldwide - EEFT

Previous Close

$88.90

  Intrinsic Value

$177.92

stock screener

  Rating & Target

str. buy

+100%

Previous close

$88.90

 
Intrinsic value

$177.92

 
Up/down potential

+100%

 
Rating

str. buy

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 4.7

 

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
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  1,959
  2,167
  2,384
  2,612
  2,849
  3,096
  3,353
  3,620
  3,898
  4,187
  4,488
  4,800
  5,124
  5,461
  5,812
  6,177
  6,557
  6,953
  7,365
  7,796
  8,244
  8,713
  9,202
  9,713
  10,246
  10,805
  11,388
  11,999
  12,638
  13,307
  14,007
Variable operating expenses, $m
 
  1,639
  1,797
  1,962
  2,134
  2,313
  2,499
  2,693
  2,894
  3,104
  3,321
  3,479
  3,714
  3,958
  4,212
  4,477
  4,752
  5,039
  5,338
  5,650
  5,975
  6,315
  6,669
  7,039
  7,426
  7,831
  8,254
  8,696
  9,160
  9,644
  10,152
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
  1,872
  2,035
  2,206
  2,385
  2,570
  2,762
  2,963
  3,171
  3,387
  3,612
  3,777
  4,019
  4,271
  4,533
  4,806
  5,089
  5,384
  5,692
  6,013
  6,347
  6,696
  7,060
  7,440
  7,837
  8,252
  8,685
  9,138
  9,613
  10,109
  10,628
Operating income, $m
  250
  295
  349
  405
  464
  526
  591
  658
  727
  800
  875
  1,023
  1,105
  1,190
  1,279
  1,371
  1,468
  1,568
  1,673
  1,783
  1,897
  2,017
  2,142
  2,273
  2,409
  2,553
  2,703
  2,860
  3,025
  3,198
  3,379
EBITDA, $m
  331
  397
  454
  515
  577
  643
  711
  782
  856
  933
  1,014
  1,097
  1,184
  1,274
  1,368
  1,466
  1,569
  1,675
  1,787
  1,903
  2,024
  2,151
  2,284
  2,422
  2,567
  2,719
  2,878
  3,045
  3,220
  3,403
  3,595
Interest expense (income), $m
  14
  20
  26
  33
  41
  48
  56
  64
  73
  81
  91
  100
  110
  120
  131
  142
  154
  166
  178
  192
  205
  219
  234
  250
  266
  283
  301
  319
  339
  359
  380
Earnings before tax, $m
  233
  275
  322
  372
  424
  478
  535
  593
  655
  719
  785
  923
  995
  1,070
  1,148
  1,229
  1,314
  1,402
  1,495
  1,591
  1,692
  1,797
  1,907
  2,023
  2,143
  2,270
  2,402
  2,541
  2,686
  2,839
  2,999
Tax expense, $m
  59
  74
  87
  100
  114
  129
  144
  160
  177
  194
  212
  249
  269
  289
  310
  332
  355
  379
  404
  430
  457
  485
  515
  546
  579
  613
  649
  686
  725
  766
  810
Net income, $m
  174
  201
  235
  272
  309
  349
  390
  433
  478
  525
  573
  674
  726
  781
  838
  897
  959
  1,024
  1,091
  1,162
  1,235
  1,312
  1,392
  1,477
  1,565
  1,657
  1,754
  1,855
  1,961
  2,072
  2,189

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
  2,189
  2,408
  2,638
  2,878
  3,127
  3,387
  3,657
  3,938
  4,230
  4,533
  4,848
  5,176
  5,516
  5,871
  6,239
  6,623
  7,023
  7,440
  7,874
  8,328
  8,801
  9,295
  9,811
  10,350
  10,914
  11,503
  12,120
  12,766
  13,441
  14,149
Adjusted assets (=assets-cash), $m
  1,979
  2,189
  2,408
  2,638
  2,878
  3,127
  3,387
  3,657
  3,938
  4,230
  4,533
  4,848
  5,176
  5,516
  5,871
  6,239
  6,623
  7,023
  7,440
  7,874
  8,328
  8,801
  9,295
  9,811
  10,350
  10,914
  11,503
  12,120
  12,766
  13,441
  14,149
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
  451
  496
  543
  593
  644
  697
  753
  811
  871
  933
  998
  1,066
  1,136
  1,209
  1,285
  1,364
  1,446
  1,532
  1,621
  1,715
  1,812
  1,914
  2,020
  2,131
  2,247
  2,369
  2,496
  2,629
  2,768
  2,914
Working capital, $m
  406
  -325
  -358
  -392
  -427
  -464
  -503
  -543
  -585
  -628
  -673
  -720
  -769
  -819
  -872
  -927
  -984
  -1,043
  -1,105
  -1,169
  -1,237
  -1,307
  -1,380
  -1,457
  -1,537
  -1,621
  -1,708
  -1,800
  -1,896
  -1,996
  -2,101
Total debt, $m
  604
  756
  954
  1,160
  1,375
  1,599
  1,832
  2,075
  2,327
  2,589
  2,862
  3,145
  3,439
  3,745
  4,063
  4,394
  4,739
  5,098
  5,472
  5,862
  6,269
  6,694
  7,138
  7,601
  8,085
  8,591
  9,121
  9,675
  10,254
  10,861
  11,497
Total liabilities, $m
  1,813
  1,965
  2,163
  2,369
  2,584
  2,808
  3,041
  3,284
  3,536
  3,798
  4,071
  4,354
  4,648
  4,954
  5,272
  5,603
  5,948
  6,307
  6,681
  7,071
  7,478
  7,903
  8,347
  8,810
  9,294
  9,800
  10,330
  10,884
  11,463
  12,070
  12,706
Total equity, $m
  900
  223
  246
  269
  294
  319
  345
  373
  402
  431
  462
  494
  528
  563
  599
  636
  676
  716
  759
  803
  849
  898
  948
  1,001
  1,056
  1,113
  1,173
  1,236
  1,302
  1,371
  1,443
Total liabilities and equity, $m
  2,713
  2,188
  2,409
  2,638
  2,878
  3,127
  3,386
  3,657
  3,938
  4,229
  4,533
  4,848
  5,176
  5,517
  5,871
  6,239
  6,624
  7,023
  7,440
  7,874
  8,327
  8,801
  9,295
  9,811
  10,350
  10,913
  11,503
  12,120
  12,765
  13,441
  14,149
Debt-to-equity ratio
  0.671
  3.390
  3.880
  4.310
  4.680
  5.010
  5.300
  5.560
  5.790
  6.000
  6.190
  6.360
  6.510
  6.660
  6.780
  6.900
  7.010
  7.120
  7.210
  7.300
  7.380
  7.460
  7.530
  7.600
  7.660
  7.720
  7.770
  7.830
  7.880
  7.920
  7.970
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
  201
  235
  272
  309
  349
  390
  433
  478
  525
  573
  674
  726
  781
  838
  897
  959
  1,024
  1,091
  1,162
  1,235
  1,312
  1,392
  1,477
  1,565
  1,657
  1,754
  1,855
  1,961
  2,072
  2,189
Depreciation, amort., depletion, $m
  81
  102
  106
  109
  113
  117
  121
  125
  129
  134
  138
  74
  79
  84
  90
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  166
  175
  185
  195
  205
  216
Funds from operations, $m
  462
  303
  341
  381
  422
  466
  511
  558
  607
  658
  711
  748
  805
  865
  927
  992
  1,060
  1,131
  1,205
  1,282
  1,362
  1,446
  1,534
  1,626
  1,723
  1,823
  1,929
  2,040
  2,156
  2,277
  2,405
Change in working capital, $m
  94
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
Cash from operations, $m
  368
  334
  374
  415
  458
  503
  549
  598
  649
  701
  756
  794
  854
  916
  980
  1,047
  1,117
  1,190
  1,266
  1,346
  1,429
  1,516
  1,608
  1,703
  1,803
  1,907
  2,017
  2,131
  2,252
  2,378
  2,510
Maintenance CAPEX, $m
  0
  -30
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -166
  -175
  -185
  -195
  -205
New CAPEX, $m
  -87
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
Cash from investing activities, $m
  -149
  -73
  -78
  -84
  -89
  -95
  -101
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -174
  -183
  -193
  -202
  -213
  -224
  -236
  -248
  -261
  -274
  -287
  -302
  -318
  -334
  -351
Free cash flow, $m
  219
  261
  295
  331
  368
  407
  448
  491
  535
  581
  629
  660
  712
  767
  823
  882
  943
  1,007
  1,074
  1,143
  1,216
  1,292
  1,372
  1,455
  1,542
  1,633
  1,729
  1,829
  1,934
  2,044
  2,159
Issuance/(repayment) of debt, $m
  149
  187
  197
  206
  215
  224
  233
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  359
  374
  390
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  635
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
  187
  197
  206
  215
  224
  233
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  359
  374
  390
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  635
Total cash flow (excl. dividends), $m
  277
  448
  492
  537
  583
  632
  682
  733
  787
  843
  901
  943
  1,007
  1,072
  1,141
  1,213
  1,288
  1,366
  1,448
  1,533
  1,623
  1,717
  1,815
  1,918
  2,026
  2,139
  2,258
  2,383
  2,513
  2,651
  2,795
Retained Cash Flow (-), $m
  -75
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
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
 
  1,125
  470
  514
  559
  606
  655
  706
  759
  813
  871
  911
  973
  1,038
  1,105
  1,175
  1,249
  1,325
  1,405
  1,489
  1,577
  1,669
  1,765
  1,866
  1,971
  2,082
  2,198
  2,320
  2,448
  2,582
  2,722
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
 
  1,078
  430
  447
  460
  470
  475
  477
  474
  467
  456
  433
  415
  395
  371
  345
  317
  288
  259
  229
  200
  173
  146
  122
  100
  81
  64
  50
  38
  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. 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 26.7
Price to Sales 2.4
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 16.5
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 10.6% 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 52.578 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 $4.7 billion.

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COMPANY NEWS

▶ How Are Wall Street Analysts Rating Mastercard?   [Nov-14-17 09:00AM  Market Realist]
▶ Euronet Worldwide beats Street 3Q forecasts   [05:00AM  Associated Press]
▶ 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]
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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