Western Union Earnings: Slow but Steady Progress Toward Stabilization

Western Union’s third-quarter results were not impressive in an absolute sense. The company lapped a temporary spike in revenue last year, and the market may focus on the year-over-year revenue decline. However, excluding this factor, we continue to see signs of a slow but steady progression toward more stabilized results for the narrow-moat company. We will maintain our $17 fair value estimate and see shares as meaningfully undervalued.