Intrinsic value of Euronet Worldwide - EEFT

Previous Close

$94.99

  Intrinsic Value

$391.85

stock screener

  Rating & Target

str. buy

+313%

Previous close

$94.99

 
Intrinsic value

$391.85

 
Up/down potential

+313%

 
Rating

str. buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  21.80
  20.12
  18.61
  17.25
  16.02
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
  5.79
Revenue, $m
  1,959
  2,386
  2,866
  3,399
  3,986
  4,624
  5,314
  6,055
  6,844
  7,681
  8,565
  9,495
  10,470
  11,490
  12,556
  13,666
  14,822
  16,025
  17,275
  18,574
  19,924
  21,327
  22,786
  24,302
  25,879
  27,520
  29,228
  31,006
  32,860
  34,792
  36,806
Variable operating expenses, $m
 
  1,798
  2,146
  2,533
  2,958
  3,421
  3,921
  4,457
  5,029
  5,636
  6,277
  6,882
  7,589
  8,328
  9,100
  9,905
  10,743
  11,614
  12,520
  13,462
  14,441
  15,458
  16,515
  17,614
  18,757
  19,946
  21,184
  22,473
  23,816
  25,216
  26,677
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
  2,031
  2,384
  2,777
  3,209
  3,678
  4,184
  4,727
  5,306
  5,919
  6,568
  7,180
  7,894
  8,641
  9,421
  10,234
  11,080
  11,959
  12,874
  13,825
  14,813
  15,839
  16,906
  18,015
  19,168
  20,367
  21,615
  22,915
  24,269
  25,681
  27,153
Operating income, $m
  250
  355
  481
  622
  777
  947
  1,130
  1,328
  1,538
  1,761
  1,998
  2,315
  2,576
  2,850
  3,135
  3,432
  3,742
  4,065
  4,400
  4,749
  5,112
  5,489
  5,880
  6,288
  6,712
  7,153
  7,613
  8,092
  8,591
  9,111
  9,654
EBITDA, $m
  331
  461
  594
  744
  908
  1,087
  1,281
  1,490
  1,712
  1,949
  2,199
  2,462
  2,738
  3,027
  3,328
  3,643
  3,971
  4,312
  4,667
  5,035
  5,419
  5,817
  6,231
  6,662
  7,111
  7,577
  8,063
  8,569
  9,097
  9,647
  10,221
Interest expense (income), $m
  14
  20
  33
  49
  66
  84
  104
  126
  150
  175
  202
  230
  259
  290
  322
  356
  392
  428
  466
  506
  547
  590
  635
  681
  729
  779
  831
  886
  942
  1,001
  1,062
Earnings before tax, $m
  233
  335
  448
  573
  712
  863
  1,026
  1,201
  1,388
  1,587
  1,796
  2,086
  2,317
  2,559
  2,812
  3,076
  3,351
  3,637
  3,934
  4,243
  4,564
  4,898
  5,246
  5,607
  5,983
  6,374
  6,781
  7,206
  7,648
  8,110
  8,592
Tax expense, $m
  59
  90
  121
  155
  192
  233
  277
  324
  375
  428
  485
  563
  626
  691
  759
  831
  905
  982
  1,062
  1,146
  1,232
  1,323
  1,416
  1,514
  1,615
  1,721
  1,831
  1,946
  2,065
  2,190
  2,320
Net income, $m
  174
  245
  327
  419
  520
  630
  749
  877
  1,013
  1,158
  1,311
  1,523
  1,692
  1,868
  2,053
  2,246
  2,446
  2,655
  2,872
  3,097
  3,332
  3,576
  3,829
  4,093
  4,367
  4,653
  4,950
  5,260
  5,583
  5,920
  6,272

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
  2,410
  2,895
  3,434
  4,026
  4,671
  5,368
  6,116
  6,913
  7,759
  8,651
  9,591
  10,576
  11,607
  12,683
  13,804
  14,972
  16,186
  17,449
  18,762
  20,126
  21,543
  23,016
  24,548
  26,141
  27,798
  29,523
  31,320
  33,192
  35,143
  37,178
Adjusted assets (=assets-cash), $m
  1,979
  2,410
  2,895
  3,434
  4,026
  4,671
  5,368
  6,116
  6,913
  7,759
  8,651
  9,591
  10,576
  11,607
  12,683
  13,804
  14,972
  16,186
  17,449
  18,762
  20,126
  21,543
  23,016
  24,548
  26,141
  27,798
  29,523
  31,320
  33,192
  35,143
  37,178
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
  496
  596
  707
  829
  962
  1,105
  1,259
  1,424
  1,598
  1,782
  1,975
  2,178
  2,390
  2,612
  2,843
  3,083
  3,333
  3,593
  3,863
  4,144
  4,436
  4,739
  5,055
  5,383
  5,724
  6,079
  6,449
  6,835
  7,237
  7,656
Working capital, $m
  406
  -358
  -430
  -510
  -598
  -694
  -797
  -908
  -1,027
  -1,152
  -1,285
  -1,424
  -1,571
  -1,724
  -1,883
  -2,050
  -2,223
  -2,404
  -2,591
  -2,786
  -2,989
  -3,199
  -3,418
  -3,645
  -3,882
  -4,128
  -4,384
  -4,651
  -4,929
  -5,219
  -5,521
Total debt, $m
  604
  955
  1,391
  1,875
  2,406
  2,986
  3,612
  4,283
  4,999
  5,758
  6,560
  7,404
  8,288
  9,214
  10,180
  11,187
  12,236
  13,326
  14,460
  15,639
  16,864
  18,137
  19,459
  20,835
  22,265
  23,753
  25,303
  26,916
  28,597
  30,349
  32,177
Total liabilities, $m
  1,813
  2,164
  2,600
  3,084
  3,615
  4,195
  4,821
  5,492
  6,208
  6,967
  7,769
  8,613
  9,497
  10,423
  11,389
  12,396
  13,445
  14,535
  15,669
  16,848
  18,073
  19,346
  20,668
  22,044
  23,474
  24,962
  26,512
  28,125
  29,806
  31,558
  33,386
Total equity, $m
  900
  246
  295
  350
  411
  476
  548
  624
  705
  791
  882
  978
  1,079
  1,184
  1,294
  1,408
  1,527
  1,651
  1,780
  1,914
  2,053
  2,197
  2,348
  2,504
  2,666
  2,835
  3,011
  3,195
  3,386
  3,585
  3,792
Total liabilities and equity, $m
  2,713
  2,410
  2,895
  3,434
  4,026
  4,671
  5,369
  6,116
  6,913
  7,758
  8,651
  9,591
  10,576
  11,607
  12,683
  13,804
  14,972
  16,186
  17,449
  18,762
  20,126
  21,543
  23,016
  24,548
  26,140
  27,797
  29,523
  31,320
  33,192
  35,143
  37,178
Debt-to-equity ratio
  0.671
  3.890
  4.710
  5.350
  5.860
  6.270
  6.600
  6.870
  7.090
  7.280
  7.430
  7.570
  7.680
  7.780
  7.870
  7.950
  8.010
  8.070
  8.120
  8.170
  8.210
  8.250
  8.290
  8.320
  8.350
  8.380
  8.400
  8.430
  8.450
  8.470
  8.490
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
  245
  327
  419
  520
  630
  749
  877
  1,013
  1,158
  1,311
  1,523
  1,692
  1,868
  2,053
  2,246
  2,446
  2,655
  2,872
  3,097
  3,332
  3,576
  3,829
  4,093
  4,367
  4,653
  4,950
  5,260
  5,583
  5,920
  6,272
Depreciation, amort., depletion, $m
  81
  106
  113
  121
  130
  140
  151
  162
  174
  187
  201
  146
  161
  177
  193
  211
  228
  247
  266
  286
  307
  329
  351
  374
  399
  424
  450
  478
  506
  536
  567
Funds from operations, $m
  462
  350
  440
  540
  650
  770
  900
  1,039
  1,188
  1,345
  1,512
  1,669
  1,853
  2,045
  2,246
  2,456
  2,674
  2,902
  3,138
  3,384
  3,639
  3,904
  4,180
  4,467
  4,766
  5,077
  5,401
  5,738
  6,090
  6,456
  6,839
Change in working capital, $m
  94
  -64
  -72
  -80
  -88
  -96
  -103
  -111
  -118
  -126
  -133
  -139
  -146
  -153
  -160
  -167
  -173
  -180
  -188
  -195
  -203
  -210
  -219
  -227
  -237
  -246
  -256
  -267
  -278
  -290
  -302
Cash from operations, $m
  368
  414
  512
  620
  738
  866
  1,003
  1,150
  1,306
  1,471
  1,645
  1,808
  1,999
  2,198
  2,406
  2,623
  2,848
  3,082
  3,325
  3,578
  3,841
  4,115
  4,399
  4,695
  5,003
  5,323
  5,657
  6,005
  6,368
  6,746
  7,141
Maintenance CAPEX, $m
  0
  -30
  -37
  -44
  -52
  -61
  -71
  -82
  -93
  -105
  -118
  -132
  -146
  -161
  -177
  -193
  -211
  -228
  -247
  -266
  -286
  -307
  -329
  -351
  -374
  -399
  -424
  -450
  -478
  -506
  -536
New CAPEX, $m
  -87
  -89
  -100
  -111
  -122
  -133
  -144
  -154
  -164
  -174
  -184
  -193
  -203
  -212
  -222
  -231
  -240
  -250
  -260
  -270
  -281
  -292
  -303
  -315
  -328
  -341
  -355
  -370
  -385
  -402
  -419
Cash from investing activities, $m
  -149
  -119
  -137
  -155
  -174
  -194
  -215
  -236
  -257
  -279
  -302
  -325
  -349
  -373
  -399
  -424
  -451
  -478
  -507
  -536
  -567
  -599
  -632
  -666
  -702
  -740
  -779
  -820
  -863
  -908
  -955
Free cash flow, $m
  219
  295
  376
  465
  564
  672
  789
  914
  1,049
  1,191
  1,343
  1,483
  1,650
  1,825
  2,008
  2,198
  2,397
  2,604
  2,819
  3,042
  3,274
  3,516
  3,767
  4,028
  4,300
  4,583
  4,878
  5,185
  5,504
  5,838
  6,186
Issuance/(repayment) of debt, $m
  149
  386
  435
  484
  532
  579
  626
  671
  716
  759
  802
  844
  885
  925
  966
  1,007
  1,049
  1,091
  1,134
  1,179
  1,225
  1,273
  1,323
  1,375
  1,430
  1,488
  1,549
  1,613
  1,681
  1,752
  1,828
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
  386
  435
  484
  532
  579
  626
  671
  716
  759
  802
  844
  885
  925
  966
  1,007
  1,049
  1,091
  1,134
  1,179
  1,225
  1,273
  1,323
  1,375
  1,430
  1,488
  1,549
  1,613
  1,681
  1,752
  1,828
Total cash flow (excl. dividends), $m
  277
  682
  811
  949
  1,095
  1,251
  1,414
  1,586
  1,765
  1,951
  2,144
  2,327
  2,535
  2,750
  2,974
  3,205
  3,445
  3,694
  3,953
  4,221
  4,499
  4,789
  5,090
  5,404
  5,731
  6,071
  6,427
  6,798
  7,185
  7,590
  8,014
Retained Cash Flow (-), $m
  -75
  -45
  -49
  -55
  -60
  -66
  -71
  -76
  -81
  -86
  -91
  -96
  -100
  -105
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
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
 
  1,336
  762
  894
  1,035
  1,185
  1,343
  1,509
  1,683
  1,865
  2,053
  2,231
  2,434
  2,645
  2,864
  3,091
  3,326
  3,570
  3,824
  4,087
  4,360
  4,644
  4,940
  5,248
  5,568
  5,902
  6,251
  6,615
  6,994
  7,391
  7,806
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
 
  1,281
  697
  778
  852
  919
  975
  1,020
  1,052
  1,071
  1,076
  1,059
  1,039
  1,006
  962
  907
  845
  777
  704
  629
  554
  480
  410
  344
  284
  230
  182
  142
  108
  81
  59
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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

FINANCIAL RATIOS  of  Euronet Worldwide (EEFT)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 2.5
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 17.7
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 21.8% 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 52.688 million for Euronet Worldwide is needed to calculate the intrinsic value of one share.

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

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COMPANY NEWS

▶ Euronet eyes fresh crack at billion-dollar deal for competitor   [04:15PM  American City Business Journals]
▶ MoneyGram & Alibaba: Friends at Work   [02:53PM  Barrons.com]
▶ 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]
Financial statements of EEFT
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