- Applying a 3.5 x revenue multiple to WU.com, which is a discount to Xoom's 4.8 x revenue takeover multiple, and 15x EV / FCF to WU's remaining
businesses (retail C2C, C2B, and B2B), which is a substantial discount to MoneyGram's 21x EV / FCF takeover valuation, they derive an
intrinsic value estimate
of ~ $ 33 per share for WU at the end
of 2020, offering ~ 72 % upside, or a 3.5 - year IRR
of ~ 20 % including the dividend (3.7 %
current yield).