We Think Western Union Can Stabilize Its Results

Western Union's performance in recent years has been weak, which we think has played into the idea that the company is being disrupted by newer players. But we think the presssures the company has faced historically will ease a bit going forward. We continue to believe Western Union has a moat based on its sizable scale advantage, but with limited long-term growth prospects, the amount of value the moat will create could be questioned.