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The Western Union Co WU

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Morningstar’s Analysis

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Digital Transfers Help Offset Pandemic Drag for Western Union in Fourth Quarter

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Western Union finished the year roughly in line with our expectations. The company continued to experience some drag from the pandemic, but the effect appears to be waning. We will maintain our $24 fair value estimate and wide moat rating.
Overall revenue declined 3% year over year, or 1% on a constant-currency basis. The core money transfer segment largely repeated its third-quarter results, with revenue flat on a constant-currency basis, and transactions increasing 6% year over year. The mix shift toward digital transactions with lower price points appears to have limited the revenue impact. But results in the company’s smaller segments were a bit better.

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Company Profile

Business Description

Western Union provides domestic and international money transfers through its global network of about 500,000 outside agents. It is the largest money transfer company in the world and one of only two companies with a truly global agent network, with MoneyGram being the other.

7001 East Belleview Avenue
Denver, CO, 80237
T +1 866 405-5012
Sector Financial Services
Industry Credit Services
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 11,000