Intrinsic value of Western Union - WU

Previous Close

$18.91

  Intrinsic Value

$160.26

stock screener

  Rating & Target

str. buy

+747%

Previous close

$18.91

 
Intrinsic value

$160.26

 
Up/down potential

+747%

 
Rating

str. buy

We calculate the intrinsic value of WU 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 2017), $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 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  5,634
  5,764
  5,912
  6,079
  6,263
  6,465
  6,685
  6,924
  7,180
  7,456
  7,751
  8,065
  8,400
  8,756
  9,134
  9,534
  9,958
  10,406
  10,879
  11,379
  11,907
  12,463
  13,049
  13,667
  14,318
  15,003
  15,724
  16,482
  17,281
  18,120
Variable operating expenses, $m
  5,123
  5,230
  5,352
  5,488
  5,640
  5,806
  5,987
  6,183
  6,394
  6,621
  6,372
  6,631
  6,906
  7,199
  7,510
  7,839
  8,187
  8,555
  8,945
  9,356
  9,789
  10,247
  10,729
  11,237
  11,771
  12,335
  12,928
  13,551
  14,208
  14,898
Fixed operating expenses, $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
Total operating expenses, $m
  5,123
  5,230
  5,352
  5,488
  5,640
  5,806
  5,987
  6,183
  6,394
  6,621
  6,372
  6,631
  6,906
  7,199
  7,510
  7,839
  8,187
  8,555
  8,945
  9,356
  9,789
  10,247
  10,729
  11,237
  11,771
  12,335
  12,928
  13,551
  14,208
  14,898
Operating income, $m
  511
  534
  561
  590
  623
  659
  698
  741
  786
  835
  1,378
  1,434
  1,494
  1,557
  1,624
  1,695
  1,771
  1,850
  1,935
  2,024
  2,117
  2,216
  2,321
  2,430
  2,546
  2,668
  2,796
  2,931
  3,073
  3,222
EBITDA, $m
  2,452
  2,509
  2,573
  2,646
  2,726
  2,814
  2,910
  3,013
  3,125
  3,245
  3,373
  3,510
  3,656
  3,811
  3,975
  4,150
  4,334
  4,529
  4,735
  4,953
  5,182
  5,424
  5,679
  5,948
  6,231
  6,530
  6,843
  7,174
  7,521
  7,886
Interest expense (income), $m
  159
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  39
Earnings before tax, $m
  499
  522
  548
  577
  609
  645
  684
  726
  771
  819
  1,362
  1,417
  1,476
  1,538
  1,605
  1,675
  1,750
  1,828
  1,911
  1,999
  2,092
  2,190
  2,293
  2,401
  2,516
  2,636
  2,763
  2,896
  3,036
  3,184
Tax expense, $m
  135
  141
  148
  156
  165
  174
  185
  196
  208
  221
  368
  383
  398
  415
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
  679
  712
  746
  782
  820
  860
Net income, $m
  364
  381
  400
  421
  445
  471
  499
  530
  563
  598
  994
  1,034
  1,077
  1,123
  1,171
  1,223
  1,277
  1,335
  1,395
  1,460
  1,527
  1,599
  1,674
  1,753
  1,836
  1,924
  2,017
  2,114
  2,216
  2,324

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -985
  -1,008
  -1,034
  -1,063
  -1,095
  -1,130
  -1,169
  -1,211
  -1,256
  -1,304
  -1,355
  -1,410
  -1,469
  -1,531
  -1,597
  -1,667
  -1,741
  -1,820
  -1,902
  -1,990
  -2,082
  -2,179
  -2,282
  -2,390
  -2,504
  -2,623
  -2,749
  -2,882
  -3,022
  -3,168
Adjusted assets (=assets-cash), $m
  -985
  -1,008
  -1,034
  -1,063
  -1,095
  -1,130
  -1,169
  -1,211
  -1,256
  -1,304
  -1,355
  -1,410
  -1,469
  -1,531
  -1,597
  -1,667
  -1,741
  -1,820
  -1,902
  -1,990
  -2,082
  -2,179
  -2,282
  -2,390
  -2,504
  -2,623
  -2,749
  -2,882
  -3,022
  -3,168
Revenue / Adjusted assets
  -5.720
  -5.718
  -5.718
  -5.719
  -5.720
  -5.721
  -5.719
  -5.718
  -5.717
  -5.718
  -5.720
  -5.720
  -5.718
  -5.719
  -5.719
  -5.719
  -5.720
  -5.718
  -5.720
  -5.718
  -5.719
  -5.720
  -5.718
  -5.718
  -5.718
  -5.720
  -5.720
  -5.719
  -5.718
  -5.720
Average production assets, $m
  14,503
  14,837
  15,218
  15,646
  16,120
  16,641
  17,208
  17,821
  18,482
  19,191
  19,950
  20,760
  21,622
  22,538
  23,510
  24,541
  25,631
  26,785
  28,003
  29,290
  30,648
  32,079
  33,589
  35,179
  36,853
  38,617
  40,473
  42,426
  44,480
  46,642
Working capital, $m
  -6,536
  -6,686
  -6,858
  -7,051
  -7,265
  -7,499
  -7,755
  -8,031
  -8,329
  -8,649
  -8,991
  -9,356
  -9,744
  -10,157
  -10,595
  -11,060
  -11,551
  -12,071
  -12,620
  -13,200
  -13,812
  -14,457
  -15,137
  -15,854
  -16,608
  -17,403
  -18,239
  -19,120
  -20,046
  -21,020
Total debt, $m
  233
  238
  244
  251
  258
  267
  276
  286
  296
  308
  320
  333
  347
  361
  377
  393
  411
  429
  449
  470
  491
  514
  538
  564
  591
  619
  649
  680
  713
  748
Total liabilities, $m
  233
  238
  244
  251
  258
  267
  276
  286
  296
  308
  320
  333
  347
  361
  377
  393
  411
  429
  449
  470
  491
  514
  538
  564
  591
  619
  649
  680
  713
  748
Total equity, $m
  -1,218
  -1,246
  -1,278
  -1,314
  -1,354
  -1,397
  -1,445
  -1,496
  -1,552
  -1,611
  -1,675
  -1,743
  -1,815
  -1,892
  -1,974
  -2,061
  -2,152
  -2,249
  -2,351
  -2,459
  -2,573
  -2,693
  -2,820
  -2,954
  -3,094
  -3,242
  -3,398
  -3,562
  -3,735
  -3,916
Total liabilities and equity, $m
  -985
  -1,008
  -1,034
  -1,063
  -1,096
  -1,130
  -1,169
  -1,210
  -1,256
  -1,303
  -1,355
  -1,410
  -1,468
  -1,531
  -1,597
  -1,668
  -1,741
  -1,820
  -1,902
  -1,989
  -2,082
  -2,179
  -2,282
  -2,390
  -2,503
  -2,623
  -2,749
  -2,882
  -3,022
  -3,168
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236
  1.236

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  364
  381
  400
  421
  445
  471
  499
  530
  563
  598
  994
  1,034
  1,077
  1,123
  1,171
  1,223
  1,277
  1,335
  1,395
  1,460
  1,527
  1,599
  1,674
  1,753
  1,836
  1,924
  2,017
  2,114
  2,216
  2,324
Depreciation, amort., depletion, $m
  1,941
  1,974
  2,013
  2,055
  2,103
  2,155
  2,211
  2,273
  2,339
  2,410
  1,995
  2,076
  2,162
  2,254
  2,351
  2,454
  2,563
  2,678
  2,800
  2,929
  3,065
  3,208
  3,359
  3,518
  3,685
  3,862
  4,047
  4,243
  4,448
  4,664
Funds from operations, $m
  2,305
  2,355
  2,412
  2,477
  2,548
  2,626
  2,711
  2,803
  2,902
  3,008
  2,989
  3,110
  3,240
  3,377
  3,523
  3,677
  3,840
  4,013
  4,196
  4,388
  4,592
  4,806
  5,033
  5,271
  5,522
  5,786
  6,064
  6,357
  6,665
  6,988
Change in working capital, $m
  -128
  -150
  -172
  -193
  -214
  -235
  -255
  -276
  -298
  -320
  -342
  -365
  -389
  -413
  -438
  -464
  -491
  -520
  -549
  -580
  -612
  -645
  -680
  -717
  -755
  -795
  -836
  -880
  -926
  -974
Cash from operations, $m
  2,433
  2,506
  2,584
  2,669
  2,761
  2,860
  2,966
  3,079
  3,199
  3,327
  3,331
  3,475
  3,628
  3,790
  3,961
  4,141
  4,332
  4,533
  4,745
  4,968
  5,204
  5,452
  5,713
  5,987
  6,277
  6,581
  6,900
  7,237
  7,591
  7,962
Maintenance CAPEX, $m
  -1,422
  -1,450
  -1,484
  -1,522
  -1,565
  -1,612
  -1,664
  -1,721
  -1,782
  -1,848
  -1,919
  -1,995
  -2,076
  -2,162
  -2,254
  -2,351
  -2,454
  -2,563
  -2,678
  -2,800
  -2,929
  -3,065
  -3,208
  -3,359
  -3,518
  -3,685
  -3,862
  -4,047
  -4,243
  -4,448
New CAPEX, $m
  -285
  -334
  -381
  -428
  -474
  -520
  -567
  -613
  -661
  -709
  -759
  -810
  -862
  -916
  -972
  -1,030
  -1,091
  -1,153
  -1,219
  -1,287
  -1,358
  -1,432
  -1,509
  -1,590
  -1,675
  -1,763
  -1,856
  -1,953
  -2,055
  -2,161
Cash from investing activities, $m
  -1,707
  -1,784
  -1,865
  -1,950
  -2,039
  -2,132
  -2,231
  -2,334
  -2,443
  -2,557
  -2,678
  -2,805
  -2,938
  -3,078
  -3,226
  -3,381
  -3,545
  -3,716
  -3,897
  -4,087
  -4,287
  -4,497
  -4,717
  -4,949
  -5,193
  -5,448
  -5,718
  -6,000
  -6,298
  -6,609
Free cash flow, $m
  727
  722
  719
  720
  722
  728
  735
  745
  756
  770
  653
  671
  690
  711
  735
  760
  787
  816
  848
  881
  917
  955
  996
  1,038
  1,084
  1,132
  1,183
  1,237
  1,293
  1,353
Issuance/(repayment) of debt, $m
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
Issuance/(repurchase) of shares, $m
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -55
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -181
Cash from financing (excl. dividends), $m  
  -19
  -23
  -26
  -29
  -32
  -36
  -39
  -42
  -44
  -49
  -52
  -55
  -58
  -62
  -66
  -70
  -75
  -79
  -82
  -87
  -92
  -97
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -146
Total cash flow (excl. dividends), $m
  707
  699
  693
  691
  690
  692
  697
  703
  711
  722
  602
  616
  631
  649
  669
  690
  713
  738
  765
  794
  825
  858
  893
  930
  970
  1,012
  1,057
  1,104
  1,154
  1,206
Retained Cash Flow (-), $m
  24
  28
  32
  36
  40
  44
  48
  52
  55
  60
  64
  68
  72
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  181
Prev. year cash balance distribution, $m
  1,194
  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
  1,925
  727
  725
  726
  730
  736
  744
  755
  767
  781
  665
  684
  704
  726
  750
  776
  805
  835
  867
  902
  939
  978
  1,020
  1,064
  1,111
  1,160
  1,213
  1,268
  1,326
  1,388
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  1,925
  727
  725
  726
  730
  736
  744
  755
  767
  781
  665
  684
  704
  726
  750
  776
  805
  835
  867
  902
  939
  978
  1,020
  1,064
  1,111
  1,160
  1,213
  1,268
  1,326
  1,388
Current shareholders' claim on cash, %
  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

The Western Union Company (Western Union) is a provider of money movement and payment services. The Company operates through three segments: Consumer-to-Consumer, Consumer-to-Business and Business Solutions. The Company's Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents. The Company's Consumer-to-Business segment provides options to make one-time or recurring payments from consumers to businesses and other organizations, including utilities, auto finance companies, mortgage servicers, financial service providers and government agencies. Its Consumer-to-Business payments services are available through a range of services that include Speedpay, Pago Facil and Western Union Payments. Western Union's Business Solutions segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals.

FINANCIAL RATIOS  of  Western Union (WU)

Valuation Ratios
P/E Ratio 36
Price to Sales 1.7
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 9.9
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 308.9%
Total Debt to Equity 308.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 21.9%
Return On Equity - 3 Yr. Avg. 51.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 39.7%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 16.5%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 13.6%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 16.3%
Payout Ratio 123.3%

WU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WU stock intrinsic value calculation we used $5524 million for the last fiscal year's total revenue generated by Western Union. The default revenue input number comes from 2017 income statement of Western Union. 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 WU 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 0%, whose default value for WU is calculated based on our internal credit rating of Western Union, 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 Western Union.
    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 WU stock the variable cost ratio is equal to 91.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WU 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 5.4% for Western Union.

Corporate tax rate of 27% is the nominal tax rate for Western Union. 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 WU 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 WU are equal to 257.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Western Union 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 WU is equal to -116%. 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 - $0 million for Western Union - 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 468 million for Western Union 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 Western Union at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ Western Union: 2Q Earnings Snapshot   [04:47PM  Associated Press]
▶ Western Union Reports Second Quarter Results   [04:05PM  Business Wire]
▶ Western Union Services Integrated in ecoPayz Online Wallet   [Jul-24-18 08:30AM  Business Wire]
▶ Western Union Announces $0.19 Quarterly Dividend   [Jul-19-18 11:19AM  Business Wire]
▶ How to Fill Out a Money Order: 5 Simple Steps   [Jul-18-18 12:16PM  TheStreet.com]
▶ Family Told To "Pay $1,900 For Reunification"   [Jul-13-18 06:05AM  Bloomberg]
▶ Western Union patent application mentions cryptocurrency, biometric verification   [Jul-06-18 04:30PM  American City Business Journals]
▶ Western Union makes deal with Russian bank   [Jul-05-18 09:11AM  American City Business Journals]
▶ 'Nigerian prince' scam victim gets his $110K back   [Jun-19-18 11:31AM  Fox Business Videos]
▶ Best NasdaqGS Tech Dividend Picks For The Day   [Jun-08-18 05:02PM  Simply Wall St.]
▶ The NBA jersey sponsor patches are working   [May-24-18 09:22AM  Yahoo Finance]
▶ Western Union Announces $0.19 Quarterly Dividend   [May-18-18 11:45AM  Business Wire]
▶ iFresh Offers Western Union Services at Four Locations   [May-15-18 08:00AM  GlobeNewswire]
▶ Speedpay Releases Next Gen Bill Payment Platform   [May-10-18 05:50PM  Business Wire]
▶ Western Union: 1Q Earnings Snapshot   [May-01-18 04:15PM  Associated Press]
▶ Western Union Reports First Quarter Results   [04:05PM  Business Wire]
▶ Top Dividend Paying Stocks   [Apr-17-18 09:02AM  Simply Wall St.]
▶ Retirement Savers Should Resist the Bitcoin Lure   [Mar-18-18 11:13PM  TheStreet.com]
▶ March Best Dividend Paying Stocks   [Mar-02-18 08:02AM  Simply Wall St.]
▶ Western Union to test Ripple for money transfers   [02:05PM  Yahoo Finance Video]
▶ Western Union reports 4Q loss   [04:31PM  Associated Press]
▶ Western Union Q4 Earnings Outlook   [11:42AM  Benzinga]
▶ How to claim a share of the $586M Western Union fraud settlement   [Feb-09-18 08:30AM  American City Business Journals]
▶ Western Union US App Now Available in Spanish and Mandarin   [Jan-16-18 08:30AM  Business Wire]
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