Intrinsic value of MoneyGram International - MGI

Previous Close

$13.04

  Intrinsic Value

$4.17

stock screener

  Rating & Target

str. sell

-68%

Previous close

$13.04

 
Intrinsic value

$4.17

 
Up/down potential

-68%

 
Rating

str. sell

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 0.7

 

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, %
  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
  124
  124
  128
  136
  147
  162
  181
  203
  228
  258
  291
  328
  369
  414
  463
  517
  576
  639
  708
  781
  861
  946
  1,037
  1,135
  1,239
  1,351
  1,469
  1,596
  1,731
  1,875
Interest expense (income), $m
  42
  41
  8
  13
  17
  23
  29
  35
  43
  50
  59
  68
  77
  88
  98
  110
  122
  135
  149
  164
  179
  195
  213
  231
  250
  270
  291
  313
  337
  362
  388
Earnings before tax, $m
  43
  12
  44
  44
  46
  51
  59
  70
  83
  100
  120
  187
  213
  242
  275
  311
  350
  394
  441
  493
  549
  610
  675
  745
  821
  902
  989
  1,083
  1,182
  1,289
  1,402
Tax expense, $m
  27
  3
  12
  12
  12
  14
  16
  19
  23
  27
  32
  50
  57
  65
  74
  84
  95
  106
  119
  133
  148
  165
  182
  201
  222
  244
  267
  292
  319
  348
  379
Net income, $m
  16
  9
  32
  32
  33
  37
  43
  51
  61
  73
  88
  136
  155
  177
  200
  227
  256
  287
  322
  360
  401
  445
  493
  544
  599
  659
  722
  790
  863
  941
  1,024

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
  4,530
  4,634
  4,754
  4,887
  5,035
  5,198
  5,375
  5,567
  5,773
  5,995
  6,232
  6,485
  6,754
  7,040
  7,344
  7,666
  8,006
  8,367
  8,747
  9,149
  9,573
  10,020
  10,492
  10,989
  11,512
  12,062
  12,642
  13,252
  13,894
  14,569
Adjusted assets (=assets-cash), $m
  4,440
  4,530
  4,634
  4,754
  4,887
  5,035
  5,198
  5,375
  5,567
  5,773
  5,995
  6,232
  6,485
  6,754
  7,040
  7,344
  7,666
  8,006
  8,367
  8,747
  9,149
  9,573
  10,020
  10,492
  10,989
  11,512
  12,062
  12,642
  13,252
  13,894
  14,569
Revenue / Adjusted assets
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
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
  187
  281
  388
  509
  642
  788
  948
  1,120
  1,306
  1,505
  1,719
  1,946
  2,188
  2,446
  2,719
  3,009
  3,316
  3,640
  3,982
  4,344
  4,726
  5,128
  5,553
  6,000
  6,470
  6,966
  7,488
  8,037
  8,615
  9,222
Total liabilities, $m
  4,806
  4,077
  4,171
  4,278
  4,399
  4,532
  4,678
  4,838
  5,010
  5,196
  5,395
  5,609
  5,836
  6,078
  6,336
  6,609
  6,899
  7,206
  7,530
  7,872
  8,234
  8,616
  9,018
  9,443
  9,890
  10,360
  10,856
  11,378
  11,927
  12,505
  13,112
Total equity, $m
  -208
  453
  463
  475
  489
  504
  520
  538
  557
  577
  599
  623
  648
  675
  704
  734
  767
  801
  837
  875
  915
  957
  1,002
  1,049
  1,099
  1,151
  1,206
  1,264
  1,325
  1,389
  1,457
Total liabilities and equity, $m
  4,598
  4,530
  4,634
  4,753
  4,888
  5,036
  5,198
  5,376
  5,567
  5,773
  5,994
  6,232
  6,484
  6,753
  7,040
  7,343
  7,666
  8,007
  8,367
  8,747
  9,149
  9,573
  10,020
  10,492
  10,989
  11,511
  12,062
  12,642
  13,252
  13,894
  14,569
Debt-to-equity ratio
  -4.399
  0.410
  0.610
  0.820
  1.040
  1.270
  1.520
  1.760
  2.010
  2.260
  2.510
  2.760
  3.000
  3.240
  3.470
  3.700
  3.930
  4.140
  4.350
  4.550
  4.750
  4.940
  5.120
  5.290
  5.460
  5.620
  5.780
  5.920
  6.060
  6.200
  6.330
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
  32
  32
  33
  37
  43
  51
  61
  73
  88
  136
  155
  177
  200
  227
  256
  287
  322
  360
  401
  445
  493
  544
  599
  659
  722
  790
  863
  941
  1,024
Depreciation, amort., depletion, $m
  80
  70
  71
  72
  73
  73
  74
  75
  76
  78
  79
  36
  38
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
Funds from operations, $m
  84
  79
  104
  104
  106
  111
  117
  126
  137
  151
  166
  173
  193
  216
  241
  269
  300
  334
  371
  411
  454
  501
  551
  605
  663
  725
  792
  864
  940
  1,021
  1,108
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
  82
  107
  108
  111
  116
  123
  133
  144
  158
  174
  181
  202
  225
  251
  280
  312
  346
  383
  424
  468
  515
  567
  622
  681
  744
  812
  884
  961
  1,044
  1,132
Maintenance CAPEX, $m
  0
  -26
  -26
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
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
  -31
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -46
  -48
  -51
  -52
  -55
  -58
  -60
  -63
  -67
  -70
  -73
  -77
  -80
  -84
  -89
  -93
  -97
  -102
  -107
  -113
Free cash flow, $m
  35
  52
  76
  75
  77
  80
  86
  94
  104
  116
  130
  135
  154
  175
  199
  225
  254
  285
  320
  358
  398
  442
  490
  541
  596
  656
  719
  787
  859
  937
  1,020
Issuance/(repayment) of debt, $m
  -30
  -728
  94
  107
  120
  133
  146
  159
  172
  186
  199
  213
  228
  242
  258
  273
  290
  307
  324
  343
  362
  382
  403
  424
  447
  471
  496
  522
  549
  578
  608
Issuance/(repurchase) of shares, $m
  -12
  809
  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
  81
  94
  107
  120
  133
  146
  159
  172
  186
  199
  213
  228
  242
  258
  273
  290
  307
  324
  343
  362
  382
  403
  424
  447
  471
  496
  522
  549
  578
  608
Total cash flow (excl. dividends), $m
  -7
  133
  170
  183
  197
  214
  233
  253
  276
  302
  330
  348
  381
  417
  456
  498
  543
  592
  644
  700
  760
  824
  893
  966
  1,043
  1,126
  1,215
  1,309
  1,409
  1,515
  1,627
Retained Cash Flow (-), $m
  -15
  -818
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
Prev. year cash balance distribution, $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
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
 
  -528
  159
  171
  184
  199
  216
  236
  257
  281
  308
  325
  356
  390
  428
  468
  511
  558
  608
  662
  720
  782
  848
  918
  994
  1,074
  1,160
  1,251
  1,348
  1,450
  1,560
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
 
  -466
  123
  113
  104
  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. (MoneyGram) is a global provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company offers its services under the MoneyGram brand. The Company's Global Funds Transfer Segment provides money transfer services and bill payment services primarily to unbanked and underbanked consumers. The Financial Paper Products Segment provides money orders to consumers through its agents and financial institutions located across the United States and Puerto Rico. The Company's offerings include money transfers, bill payment services, money order services and official check processing. The Company's money transfer services enable its consumers to send and receive funds across the world through its global network of locations. The Company also offers Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services.

FINANCIAL RATIOS  of  MoneyGram International (MGI)

Valuation Ratios
P/E Ratio 43
Price to Sales 0.4
Price to Book -3.3
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 19.7
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 8.1 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 54.212 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 $0.7 billion.

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COMPANY NEWS

▶ Four M&A Trades for a Guru Christmas   [Nov-30-17 12:25PM  GuruFocus.com]
▶ MoneyGram posts 3Q profit   [05:39AM  Associated Press]
▶ Should You Sell MoneyGram International Inc (MGI) At $16.03?   [Sep-29-17 02:37PM  Simply Wall St.]
▶ 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]
▶ MoneyGram Gives Alibaba a Reason to Press On   [10:37AM  Market Realist]
▶ Yahoo Finance Live: Midday Movers - Sep 15th, 2017   [09:40AM  Yahoo Finance Video]
▶ Hurdles in Alibabas Path to Swallow MoneyGram   [Sep-12-17 10:37AM  Market Realist]
▶ 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]
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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