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16	member 11/24/06 8:40AM Further Evidence of Market Shi
The NYT reports that WalMart is getting into banking in Mexico. Here's a snippet from the article: MEXICO CITY, Nov. 23 — Public opposition has all but killed Wal-Mart’s plans to open its own bank in... login to read the rest view available tags
15	member 10/18/06 9:16PM New IDB Remittance Study
The following was published today, affirming the points I made in earlier posts. An interesting statistic: 19% of Latin Americans in the US who remit money now use banks and credit unions to do so,... login to read the rest view available tags
14	member 10/18/06 4:52PM Sponsored Competition...
Duff - I think you're wrong on a couple of your inferences with respect to how to/who might obtain consular cards, the need of recipient to have bank accounts etc. ...but the bigger point to be... login to read the rest view available tags
12	member 10/17/06 3:56PM Durability of Business Model
Duff- I hope that you are still planning on posting your thoughts regarding the durability of WU's business model and the potential for some sort of disruptive innovation stemming from a microfinance based or formal financial... login to read the rest view available tags
10	member 9/28/06 2:47PM cash
One other question. How much of the cash on WU's balance sheet is untied to remittances? There is a settlement asset that pretty neatly balances the settlement liability, but there is also some confusing language... login to read the rest view available tags
9	member 9/28/06 2:39PM questions
Duff - This is a good idea, and a very interesting business. Some questions: 1. What do you make of the pricing pressure in the business? International revenue growth has been well below transaction... login to read the rest view available tags
8	member 9/26/06 1:29PM Stock options
Thanks for the idea. Do you know when management’s stock options will be issued? view available tags
7	member 9/26/06 12:49AM David 101 question
1) Management does not break out Latin America from other international revenue. In Q2 06 Mexico transaction growth was 6% (excluding Vigo). International transactions (excluding Vigo) grew 17% in Q2 06 suggesting that... login to read the rest view available tags
6	member 9/25/06 1:36PM A Few Resources
http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=561282 http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=561196 view available tags
5	member 9/25/06 10:10AM Follow-up
Duff - It will be interesting to see whether remittances from the US to Russia ever becomes as big as those from US to Mexico. I tend to doubt it as there just aren't enough Russian... login to read the rest view available tags
2	member 9/22/06 5:37PM Questions
Good write-up. I haven't looked at this one but did look at the Moneygram spin a few years ago and passed. A few things: 1) Money transfer businesses serve immigrants (some illegal) without/with limited access to banking... login to read the rest view available tags
1	member 9/22/06 3:02PM Questions
Duff, Have to love the unloved spin-out, coupled with sell-siders pumping FDC. However, do have some questions: 1. Although Mexico is only 10% of revenue, how much of revenue is from all of Latin America? As the... login to read the rest view available tags

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			2021	2022
Price:	33.29	EPS	1.96	2.21
Shares Out. (in M):	86	P/E	17	15
Market Cap (in $M):	2,846	P/FCF	17	15
Net Debt (in $M):	475	EBIT	285	296
TEV (in $M):	3,321	TEV/EBIT	11.4	10.4

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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