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Russian (RU) Tue, Sep 16, 2025, 11:56 AM 3 min read
We came across a bullish thesis on Euronet Worldwide, Inc. on P14 Capital’s Substack. In this article, we will summarize the bulls’ thesis on EEFT. Euronet Worldwide, Inc.'s share was trading at $91.16 as of September 5th. EEFT’s trailing and forward P/E were 12.57 and 8.18 respectively according to Yahoo Finance.
Euronet Worldwide (EEFT) reported Q2 results with revenue of $1.07B and EPS of $2.56, both slightly below consensus, but reiterated full-year EPS growth guidance of 12–16%. Despite the stock’s post-earnings weakness, fundamentals remain intact, with digital transactions, money transfer, and REN software driving margin expansion. Management announced the acquisition of CoreCard (CCRD) for ~$248M in a stock-for-stock deal, structured to minimize dilution through offsetting buybacks. While some view the 18x EBITDA multiple as high, the acquisition strengthens EEFT’s push to be valued as a fintech, with CoreCard’s proven revolving credit platform offering a $10B+ TAM and margin potential near 50%.
The integration builds on management’s track record with REN and Piraeus, positioning EEFT to deepen its software mix and expand globally through cross-sell opportunities with existing banking and fintech clients. Market fears around Apple/Goldman concentration are manageable, as management underwrote the loss of Apple and views the relationship as a reference point rather than a lasting revenue base. Positives from the quarter included record revenue (+9% Y/Y), margin expansion across epay and money transfer, accelerating digital adoption (+29% Y/Y direct-to-consumer digital), and a REN win with a top 3 U.S. bank.
Near-term catalysts include an Investor Day this fall, where clearer software and digital disclosures could drive a multiple re-rating from depressed ~12.7x P/E levels. With EPS forecasted at $7.85 in FY25, above guidance, and potential for buybacks and stronger digital mix, the risk/reward is attractive. P14 Capital maintains a growing 7% position, targeting 8–10%, viewing EEFT as a compelling compounder poised for revaluation.
Previously we covered a bullish thesis on Euronet Worldwide, Inc. (EEFT) by P14 Capital in May 2025, which highlighted fintech transformation, resilient remittance flows, and Ren-driven margin expansion. The company’s stock price has depreciated approximately by 12.5% since our coverage due to Q2 results missing expectations. The thesis still stands as fundamentals remain intact as mentioned in the updated thesis. P14 Capital in their updated thesis emphasizes the potentialre - rating of the stock.
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