- 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).
Appraisal - based indices are only as good as the
valuation estimates used to construct them, and Green Street has long devoted sizable resources to
deriving accurate
estimates of the values of the properties owned by REITs.