Intrinsic value of MoneyGram International - MGI

Previous Close

$15.62

  Intrinsic Value

$4.06

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

-191%

Previous close

$15.62

 
Intrinsic value

$4.06

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

-191%

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

We calculate the intrinsic value of MGI 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 0.8

 

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, %
  5.91
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,630
  1,663
  1,701
  1,745
  1,794
  1,848
  1,908
  1,973
  2,043
  2,119
  2,200
  2,287
  2,380
  2,479
  2,584
  2,695
  2,813
  2,938
  3,071
  3,210
  3,358
  3,513
  3,677
  3,850
  4,033
  4,225
  4,427
  4,640
  4,864
  5,099
  5,347
Variable operating expenses, $m
 
  347
  354
  362
  370
  380
  391
  403
  416
  430
  444
  416
  433
  451
  470
  490
  512
  534
  558
  584
  611
  639
  669
  700
  733
  768
  805
  844
  885
  927
  973
Fixed operating expenses, $m
 
  1,263
  1,294
  1,327
  1,360
  1,394
  1,429
  1,464
  1,501
  1,539
  1,577
  1,616
  1,657
  1,698
  1,741
  1,784
  1,829
  1,875
  1,921
  1,970
  2,019
  2,069
  2,121
  2,174
  2,228
  2,284
  2,341
  2,400
  2,460
  2,521
  2,584
Total operating expenses, $m
  1,542
  1,610
  1,648
  1,689
  1,730
  1,774
  1,820
  1,867
  1,917
  1,969
  2,021
  2,032
  2,090
  2,149
  2,211
  2,274
  2,341
  2,409
  2,479
  2,554
  2,630
  2,708
  2,790
  2,874
  2,961
  3,052
  3,146
  3,244
  3,345
  3,448
  3,557
Operating income, $m
  88
  53
  53
  56
  63
  74
  88
  105
  126
  151
  179
  255
  290
  330
  373
  421
  473
  529
  591
  657
  728
  805
  888
  976
  1,071
  1,172
  1,281
  1,396
  1,519
  1,650
  1,790
EBITDA, $m
  168
  119
  119
  123
  130
  142
  156
  175
  196
  222
  251
  284
  321
  361
  406
  455
  509
  567
  630
  698
  771
  850
  935
  1,025
  1,123
  1,226
  1,337
  1,455
  1,582
  1,716
  1,859
Interest expense (income), $m
  42
  41
  15
  19
  24
  30
  36
  43
  50
  58
  67
  76
  86
  96
  108
  120
  132
  146
  160
  175
  191
  208
  226
  244
  264
  285
  307
  330
  354
  380
  407
Earnings before tax, $m
  43
  12
  38
  37
  39
  44
  52
  63
  76
  93
  112
  179
  204
  233
  265
  301
  340
  383
  430
  482
  537
  597
  662
  732
  807
  887
  974
  1,066
  1,165
  1,271
  1,383
Tax expense, $m
  27
  3
  10
  10
  11
  12
  14
  17
  21
  25
  30
  48
  55
  63
  72
  81
  92
  104
  116
  130
  145
  161
  179
  198
  218
  240
  263
  288
  315
  343
  374
Net income, $m
  16
  9
  28
  27
  29
  32
  38
  46
  56
  68
  82
  130
  149
  170
  194
  220
  248
  280
  314
  352
  392
  436
  483
  534
  589
  648
  711
  778
  850
  928
  1,010

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  157
  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
  4,597
  4,683
  4,791
  4,914
  5,052
  5,206
  5,374
  5,557
  5,755
  5,968
  6,197
  6,442
  6,704
  6,982
  7,278
  7,592
  7,925
  8,277
  8,649
  9,043
  9,458
  9,897
  10,359
  10,846
  11,360
  11,901
  12,470
  13,070
  13,700
  14,364
  15,062
Adjusted assets (=assets-cash), $m
  4,440
  4,683
  4,791
  4,914
  5,052
  5,206
  5,374
  5,557
  5,755
  5,968
  6,197
  6,442
  6,704
  6,982
  7,278
  7,592
  7,925
  8,277
  8,649
  9,043
  9,458
  9,897
  10,359
  10,846
  11,360
  11,901
  12,470
  13,070
  13,700
  14,364
  15,062
Revenue / Adjusted assets
  0.367
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
Average production assets, $m
  208
  213
  218
  223
  230
  237
  244
  252
  261
  271
  282
  293
  305
  317
  331
  345
  360
  376
  393
  411
  430
  450
  471
  493
  516
  541
  567
  594
  623
  653
  684
Working capital, $m
  0
  -160
  -163
  -167
  -172
  -177
  -183
  -189
  -196
  -203
  -211
  -220
  -228
  -238
  -248
  -259
  -270
  -282
  -295
  -308
  -322
  -337
  -353
  -370
  -387
  -406
  -425
  -445
  -467
  -490
  -513
Total debt, $m
  915
  325
  422
  533
  657
  795
  946
  1,111
  1,289
  1,481
  1,688
  1,908
  2,143
  2,394
  2,660
  2,943
  3,242
  3,559
  3,894
  4,249
  4,623
  5,017
  5,433
  5,872
  6,334
  6,821
  7,333
  7,873
  8,440
  9,037
  9,665
Total liabilities, $m
  4,806
  4,215
  4,312
  4,423
  4,547
  4,685
  4,836
  5,001
  5,179
  5,371
  5,578
  5,798
  6,033
  6,284
  6,550
  6,833
  7,132
  7,449
  7,784
  8,139
  8,513
  8,907
  9,323
  9,762
  10,224
  10,711
  11,223
  11,763
  12,330
  12,927
  13,555
Total equity, $m
  -208
  468
  479
  491
  505
  521
  537
  556
  575
  597
  620
  644
  670
  698
  728
  759
  792
  828
  865
  904
  946
  990
  1,036
  1,085
  1,136
  1,190
  1,247
  1,307
  1,370
  1,436
  1,506
Total liabilities and equity, $m
  4,598
  4,683
  4,791
  4,914
  5,052
  5,206
  5,373
  5,557
  5,754
  5,968
  6,198
  6,442
  6,703
  6,982
  7,278
  7,592
  7,924
  8,277
  8,649
  9,043
  9,459
  9,897
  10,359
  10,847
  11,360
  11,901
  12,470
  13,070
  13,700
  14,363
  15,061
Debt-to-equity ratio
  -4.399
  0.690
  0.880
  1.080
  1.300
  1.530
  1.760
  2.000
  2.240
  2.480
  2.720
  2.960
  3.200
  3.430
  3.660
  3.880
  4.090
  4.300
  4.500
  4.700
  4.890
  5.070
  5.240
  5.410
  5.580
  5.730
  5.880
  6.020
  6.160
  6.290
  6.420
Adjusted equity ratio
  -0.082
  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
  16
  9
  28
  27
  29
  32
  38
  46
  56
  68
  82
  130
  149
  170
  194
  220
  248
  280
  314
  352
  392
  436
  483
  534
  589
  648
  711
  778
  850
  928
  1,010
Depreciation, amort., depletion, $m
  80
  65
  66
  67
  67
  68
  69
  69
  70
  71
  72
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
Funds from operations, $m
  84
  74
  94
  94
  96
  100
  107
  115
  126
  139
  154
  160
  180
  202
  227
  254
  284
  317
  353
  393
  435
  481
  530
  583
  641
  702
  767
  838
  913
  993
  1,078
Change in working capital, $m
  -34
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
Cash from operations, $m
  118
  77
  98
  98
  101
  105
  112
  121
  133
  146
  162
  168
  188
  211
  237
  265
  296
  329
  366
  406
  449
  496
  546
  600
  658
  720
  787
  858
  934
  1,015
  1,102
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
New CAPEX, $m
  -83
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
Cash from investing activities, $m
  -83
  -26
  -26
  -28
  -28
  -30
  -32
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -77
  -80
  -84
  -88
  -92
  -97
Free cash flow, $m
  35
  52
  71
  71
  72
  75
  81
  89
  98
  110
  124
  129
  147
  168
  192
  218
  246
  277
  312
  349
  389
  433
  480
  531
  585
  644
  707
  774
  846
  923
  1,005
Issuance/(repayment) of debt, $m
  -30
  -590
  97
  111
  124
  138
  151
  165
  178
  192
  206
  221
  235
  251
  266
  283
  299
  317
  335
  354
  374
  395
  416
  439
  462
  487
  512
  539
  568
  597
  628
Issuance/(repurchase) of shares, $m
  -12
  668
  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  
  -43
  78
  97
  111
  124
  138
  151
  165
  178
  192
  206
  221
  235
  251
  266
  283
  299
  317
  335
  354
  374
  395
  416
  439
  462
  487
  512
  539
  568
  597
  628
Total cash flow (excl. dividends), $m
  -7
  129
  168
  181
  196
  213
  232
  253
  277
  302
  331
  349
  383
  419
  458
  500
  546
  594
  647
  703
  763
  827
  896
  969
  1,048
  1,131
  1,219
  1,314
  1,414
  1,520
  1,633
Retained Cash Flow (-), $m
  -15
  -676
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Prev. year cash balance distribution, $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 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
 
  -547
  158
  169
  183
  198
  215
  235
  257
  281
  308
  325
  356
  391
  428
  469
  512
  559
  610
  664
  722
  784
  850
  921
  996
  1,077
  1,162
  1,254
  1,351
  1,454
  1,563
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  -483
  121
  112
  103
  94
  84
  75
  65
  56
  47
  38
  30
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

MoneyGram International, Inc., together with its subsidiaries, provides money transfer and payment services in the United States and internationally. The company operates in two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides money transfer and bill payment services primarily to unbanked and underbanked consumers. Its bill payment services allow consumers to make bill payments, pay routine bills, or load and reload prepaid debit cards with cash at an agent location, company-operated locations, or through moneygram.com with a credit or debit card, as well as through kiosks, ATMs, prepaid cards, and direct-to-bank account products. The Financial Paper Products segment provides money orders to consumers through its retail agents and financial institutions; and offers official check outsourcing services for financial institutions. This segment sells its money orders under the MoneyGram brand and on a private label or co-branded basis with retail and financial institution agents. MoneyGram International, Inc. was founded in 1926 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  MoneyGram International (MGI)

Valuation Ratios
P/E Ratio 51.5
Price to Sales 0.5
Price to Book -4
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.5%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity -439.9%
Total Debt to Equity -439.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity -7.4%
Return On Equity - 3 Yr. Avg. -8.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 51.2%
Gross Margin - 3 Yr. Avg. 50.9%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 62.8%
Eff/ Tax Rate - 3 Yr. Avg. -33.8%
Payout Ratio 0%

MGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGI stock intrinsic value calculation we used $1630 million for the last fiscal year's total revenue generated by MoneyGram International. The default revenue input number comes from 2016 income statement of MoneyGram International. 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 MGI stock valuation model: a) initial revenue growth rate of 2% 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 13.3%, whose default value for MGI is calculated based on our internal credit rating of MoneyGram International, 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 MoneyGram International.
    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 MGI stock the variable cost ratio is equal to 20.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1232 million in the base year in the intrinsic value calculation for MGI 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 4.5% for MoneyGram International.

Corporate tax rate of 27% is the nominal tax rate for MoneyGram International. 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 MGI 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 MGI are equal to 12.8%.

Life of production assets of 10 years is the average useful life of capital assets used in MoneyGram International 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 MGI is equal to -9.6%. 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 - $-208 million for MoneyGram International - 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 52.991 million for MoneyGram International 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 MoneyGram International at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ MoneyGram tops 2Q profit forecasts   [Aug-07-17 11:59PM  Associated Press]
▶ [$$] U.S. Message to China: Hands Off Our Companies   [Jul-22-17 12:34AM  The Wall Street Journal]
▶ [$$] U.S. Puts Chinese Deals on Ice   [Jul-21-17 05:32PM  The Wall Street Journal]
▶ Euronet keeps stirring the pot on competitors sale to Alibaba unit   [Jul-13-17 04:25PM  American City Business Journals]
▶ How PayPal Won Alibabas Business   [Jul-04-17 07:40AM  Market Realist]
▶ Obafemi Martins Opened MoneyGram GOAL Tournament   [Jun-06-17 05:38AM  PR Newswire]
▶ [$$] Compliance officers find themselves in line of fire   [May-22-17 06:27AM  Financial Times]
▶ MoneyGram shareholders approve deal with Ant Financial, ruling expected 'mid-summer'   [May-16-17 12:33PM  American City Business Journals]
▶ Lawmakers Sound Alarm on MoneyGram Takeover   [May-15-17 01:27PM  Investopedia]
▶ [$$] US lawmakers sharpen criticism of $1.2bn MoneyGram deal   [May-14-17 09:07PM  Financial Times]
▶ MoneyGram tops 1Q profit forecasts   [05:02AM  Associated Press]
▶ Ant Financial Sees MoneyGram Deal Boosting Valuation   [May-04-17 08:20PM  Bloomberg]
▶ Euronet Worldwide Keeps Its Acquisition Powder Dry   [May-01-17 04:45PM  Motley Fool]
▶ MoneyGram Sendbot Unveiled at Facebook's F8 Conference   [Apr-18-17 03:01PM  PR Newswire]
▶ Company News for April 18, 2017   [10:52AM  Zacks]
▶ MoneyGram's Bidding War on Hold   [09:17PM  Bloomberg]
▶ STOCKS RALLY: Here's what you need to know   [04:00PM  Business Insider]
▶ Story Stocks from Briefing.com   [11:46AM  Briefing.com]
▶ Ant Finanical ups the ante for MoneyGram   [11:16AM  American City Business Journals]
▶ Euronet Worldwides Statement on MoneyGram   [09:27AM  GlobeNewswire]
▶ [$$] China's Ant Financial sweetens bid for MoneyGram   [Apr-16-17 11:33PM  Financial Times]
▶ Jack's Back. With More Money, Too   [10:18PM  Bloomberg]
▶ Eurogram ups bid for MoneyGram   [Apr-12-17 09:40AM  CNBC Videos]
▶ [$$] 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]
▶ The Patriot Act   [01:31AM  Bloomberg]
▶ 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]
▶ Could Alibabas Move on MoneyGram Embolden PayPal?   [Apr-03-17 10:40AM  Market Realist]
Stock chart of MGI Financial statements of MGI
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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