Euronet Worldwide, Inc. (EEFT): A Bull Case Theory 

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 $74.09 as of November 28th. EEFT’s trailing and forward P/E were 10.83 and 6.67 respectively according to Yahoo Finance.

Euronet Worldwide, Inc. provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers worldwide. EEFT has faced a challenging 2025, with shares sliding into the $70s following short-seller pressure and a 3Q25 revenue miss. Despite reaffirmed EPS guidance and continued bottom-line strength, the market remains focused on slower top-line growth and lack of visibility. The core P14 thesis—diversified remittance corridors, fintech transition, margin expansion, and compelling valuation—remains intact but tested.

3Q25 revealed meaningful headwinds. Money Transfer underperformed due to stricter U.S. immigration enforcement, softer low-income consumer activity, and isolated pricing pressure. ePay declined modestly after exiting a low-value top-up product, while EEFT margins softened as inflation constrained travel budgets. The absence of an investor day and comments about balancing buybacks with M&A added to investor frustration.

Yet, notable positives emerged. October Money Transfer trends improved, supporting management’s view that headwinds are transitory. New partnerships—including Heritage Grocers and a major Dandelion–Citibank integration—highlight strengthening competitive positioning. Dandelion continues scaling across major banks, while Fireblocks integration provides regulated stablecoin rails. Digital remittances grew 32% Y/Y, and REN posted ~40% growth with software-like margins. EEFT benefited from robust emerging-market performance and new ATM outsourcing wins. Across segments, consolidated margins remained resilient.

The updated model reflects moderated FY25 revenue, accelerating into FY26–FY27, supported by REN, CCRD, digital mix gains, and ongoing ATM outsourcing. EPS growth remains strong, aided by margin expansion and buybacks. At just 10.6x GAAP EPS, EEFT screens meaningfully undervalued relative to its durable earnings power and unique global network. Execution, clearer communication, and capital allocation discipline remain critical catalysts.

Previously we covered a bullish thesis on Euronet Worldwide, Inc. (EEFT) by P14 Capital in May 2025, which highlighted the company’s diversified segments, margin expansion, and REN’s growing contribution. The company’s stock price has depreciated approximately by 28.84% since our coverage. This is because the thesis didn’t fully play out amid revenue softness and sentiment pressure. The thesis still stands as P14 Capital shares a similar view but emphasizes updated execution and visibility challenges.

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Disclosure: None.