- 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).