Western Union WU

September 10, 2017 - 8:30am EST by

member

						2017	2018
Price:		18.70		EPS		1.85	1.95
Shares Out. (in M):		472		P/E		10.1	9.6
Market Cap (in $M):		8,826		P/FCF		9.9	9.8
Net Debt (in $M):		2,718		EBIT		1,116	1,130
TEV (in $M):		11,544		TEV/EBIT		10.3	10.2

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10	member 3/21/05 12:21PM Thoughts
I'm glad to see you've dropped your 12/03 thesis that ANS will be a big player in the electronic check imaging business. I also like your $10m salvage value estimate for the fleet of old,... login to read the rest view available tags
9	member 3/15/05 3:12PM Multiple
There has and will continue to be sufficient demand for the services business....their customers use it for time-sensitive deliveries (kidney's, hearts, movie reals, etc)...fedex and ups each provide these services view available tags
8	member 3/15/05 3:09PM Banks and maintenance...
I have spoken to the departments of several banks that are handling the transition to electronic imaging. there is no question that the vast majority will switch over, but it will not be overnight.... login to read the rest view available tags
7	member 3/15/05 2:30PM Cash flow multiple
Who would pay 10x cash flow for the special services biz and why? What is the maintenance cap ex to keep the check transport biz going for the next 3 years? Why can't... login to read the rest view available tags
6	member 3/15/05 1:52PM luke
the operating cash flow does not need to be reinvested into capex since the business is going away and does not have sustainable earning power. my cash flow number does take into account maintenance view available tags
5	member 3/15/05 1:49PM capex
I see your point re: depreciation expense but it appears as if the company needs to reinvest its operating cash flow back into capex. How much of their capex is maintanence? Do your view available tags
4	member 3/15/05 1:42PM timing:
6-12 months view available tags
3	member 3/15/05 1:38PM to: zzz007
Good question: the depreciation expense on the fleet hides the earning potential of the businesses... In terms of past activism, look at Gyrodyne (GYRO). view available tags
2	member 3/15/05 1:09PM Couple of Qs
Thanks for the brief writeup. Its a welcome respite from people who think that cutting and pasting from the 10K makes for good value-added reading. Doesn't look like this oinker has generated any free cash... login to read the rest view available tags

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