The Western Union Company (WU) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	8.9	10.6	11.9	13.8	17.8	21.9	26.8	17.1	19	21.7	17.9
Total Shares Outstanding	317.8	337.9	350.5	373.5	393.8	411.2	418	441.2	459	481.5	502.4
Market Cap	2,832	3,581.7	4,178	5,143.1	7,025.4	9,021.7	11,194	7,526.9	8,725.6	10,458.2	8,998
Total Enterprise Value (TEV)	4,476.4	5,048.5	5,414	6,474	8,825.5	10,660.7	12,972.8	9,987.2	10,921	12,366.8	10,898
Dividend Yield	10.6%	8.9%	7.9%	6.8%	5.3%	4.1%	3%	4.4%	3.7%	2.9%	3.4%
Buyback Yield	7.5%	5.2%	7.4%	7%	5.7%	2.6%	4.6%	5.3%	5.6%	4.4%	4.8%
Debt Paydown Yield	12.2%	-12.1%	2.8%	7.7%	0.9%	1.8%	1.9%	-5.3%	-2.8%	4.1%	5.6%
Shareholder Yield	20.9%	-6.1%	10.8%	15.2%	6.9%	4.6%	6.6%	0.3%	3%	8.7%	10.6%
P/S	0.7	0.9	1	1.1	1.4	1.9	2.1	1.3	1.6	1.9	1.6
P/Gross Profit	1.8	2.3	2.5	2.8	3.2	4.5	5.1	3.3	4	4.9	3.9
P/E	3.9	3.9	7.1	5.9	9.1	12.3	10.9	9.1	-16	42.6	11.1
Earnings Yield	25.7%	25.8%	14.1%	17%	11%	8.2%	9.2%	11%	-6.3%	2.3%	9%
P/OCF	5.2	8.8	5.3	8.8	6.7	10.3	12.2	9.2	11.8	10	8.4
P/FCF	5.6	9.7	5.5	9.4	7	10.7	12.9	11	13	10.7	9.2
FCF Yield	18%	10.3%	18.2%	10.7%	14.3%	9.3%	7.7%	9.1%	7.7%	9.3%	10.9%
P/B	3.1	3.7	8.7	10.8	19.8	48.3	-283.4	-24.3	-17.8	11.6	6.4
EV/Sales	1.1	1.2	1.2	1.4	1.7	2.2	2.5	1.8	2	2.3	2
EV/Gross Profit	2.9	3.2	3.2	3.5	4.1	5.3	5.9	4.4	5	5.7	4.8
EV/EBITDA	4.9	5.6	5.4	6.1	6.6	8.9	10.9	7.2	14.8	16.5	7.9
EV/EBIT	6	7	6.6	7.3	7.9	11	13.9	8.9	23	25.4	9.8
EV/OCF	8.3	12.4	6.9	11.1	8.4	12.1	14.2	12.2	14.7	11.9	10.2
EV/FCF	8.8	13.7	7.1	11.8	8.8	12.7	15	14.6	16.2	12.7	11.2

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	10.6%	8.9%	7.9%	6.8%	5.3%	4.1%	3%	4.4%	3.7%	2.9%	3.4%
DPS	0.9	0.9	0.9	0.9	0.9	0.9	0.8	0.8	0.7	0.6	0.6
Payout Ratio	40.8%	34.4%	55.8%	40%	47.4%	49.8%	32.2%	40.1%	-58.4%	123.3%	37.8%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	37.4%	37.8%	38.7%	41.3%	42.9%	41.5%	41.7%	41%	39.3%	39.8%	41.7%
Operating Margin	18.3%	17.2%	18.8%	19.8%	22.1%	20%	17.6%	20.1%	8.6%	9%	20.2%
EBITDA Margin	22.4%	21.5%	23%	23.9%	26.3%	24.7%	22.5%	24.8%	13.4%	13.8%	25.2%
Net Profit Margin	18.8%	22.2%	14.4%	20.3%	15.9%	15.4%	20%	15.2%	-10.1%	4.7%	15.3%
Effective Tax Rate	-23.9%	-51%	16.1%	9.7%	13.9%	13%	19.9%	14.1%	260.3%	25.9%	11%
Pre-Tax Profit Margin	15.2%	14.7%	17.1%	22.5%	18.4%	17.7%	25%	17.7%	6.3%	6.3%	17.2%
Free Cash Flow Margin	12.4%	8.8%	17.4%	12.3%	19.9%	17.4%	16.4%	12.2%	12.2%	17.9%	17.8%
OCF / Sales	13.2%	9.7%	18%	13%	20.6%	18.1%	17.3%	14.7%	13.4%	19.2%	19.5%
OCF / Net Income	70.3%	43.5%	125.1%	63.9%	129.7%	117.9%	86.4%	96.4%	-133.2%	411.5%	127.8%
FCF / OCF	93.9%	90.8%	97.1%	94.5%	96.4%	95.8%	94.7%	83.4%	90.7%	93.4%	91.2%
FCF / Net Income	66.1%	39.5%	121.4%	60.4%	125%	113%	81.9%	80.4%	-120.8%	384.3%	116.6%
FCF / EBITDA	55.6%	40.8%	75.9%	51.4%	75.7%	70.5%	72.7%	49.4%	91.1%	129.7%	70.8%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	13.5%	14.9%	8.9%	10.2%	11.5%	9.7%	8.6%	10.3%	-8.2%	4.2%	11.9%
Return on Assets	11.5%	13.2%	8.2%	9.2%	10.6%	9.2%	8.4%	10.6%	-8.2%	3.8%	10.2%
Return on Equity	81.4%	129%	130.9%	218.5%	297.2%	1,012%	-606%	-212.7%	-271.2%	21.9%	61.9%
Return on Total Capital	35.8%	40.2%	26.8%	28.4%	31.8%	26.7%	22.4%	29.8%	-26.2%	12%	28.4%
Return on Capital Employed	18.6%	18.8%	23.2%	23.7%	27.8%	23.9%	25.2%	33.8%	13.2%	10.3%	19.9%
Return on Tangible Assets	14.5%	15.9%	10.6%	14.7%	12.6%	12.3%	18.6%	14.7%	-9.7%	4.5%	14.5%
Payables Turnover	6.1	6.1	5.8	5.7	6.1	5.1	5.3	5.1	3.6	3.8	5.3
Days Payables Outstanding	59.6	60	62.6	63.5	59.9	71.2	69	71	100.6	97	68.8
Cash Conversion Cycle	-59.6	-60	-62.6	-63.5	-59.9	-71.2	-69	-71	-100.6	-97	-68.8
Asset Turnover	0.5	0.5	0.5	0.5	0.6	0.5	0.6	0.6	0.6	0.6	0.6
Fixed Asset Turnover	50.2	47.9	43.4	37.5	36.2	28.7	23.1	23.1	25.4	24	25
CapEx to OCF	0.1	0.1	0	0.1	0	0	0.1	0.2	0.1	0.1	0.1
CapEx to Revenue	0	0	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.5	0.3	0.3	0.3

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	2,592.2	2,940.8	2,504.6	2,616.8	3,008.4	3,067.2	3,229.3	3,433.7	3,033.6	2,786.1	3,215.9
Net Debt	1,644.4	1,466.8	1,236	1,330.9	1,800.1	1,639	1,778.8	2,460.3	2,195.4	1,908.6	1,900
Current Ratio	1.1	1.2	1	1	1.1	1	1	0.9	0.8	0.9	1.1
Quick Ratio	0.3	0.4	0.3	0.3	0.2	0.3	0.3	0.2	0.1	0.2	0.3
Cash Ratio	0.3	0.4	0.3	0.3	0.2	0.3	0.3	0.2	0.1	0.2	0.3
Debt Ratio	0.3	0.4	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.3
Assets to Equity	8.4	8.6	17.1	17.8	24.8	50.9	-221.7	-29	-18.8	10.4	6.7
Cash Flow to Debt Ratio	0.2	0.1	0.3	0.2	0.3	0.3	0.3	0.2	0.2	0.4	0.3
Long-term Debt to Assets	0.3	0.4	0.3	0.3	0.3	0.3	0.4	0.4	0.3	0.3	0.3
Intangibles to Total Assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4
Net Current Asset Value	-2,643.3	-2,566.8	-2,764.2	-2,984.2	-2,963.2	-4,060.1	-4,050.8	-4,519.4	-4,695.7	-3,890.8	-3,419.7
Goodwill / Assets	0.3	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3
Debt / Equity	2.8	3	5.2	5.5	8.5	16.4	-81.8	-11.1	-6.2	3.1	2.3
Total Debt / Capitalization	1	1	1	1	1	1	1	1	1	1	1
Long Term Debt / Capitalization	1	1	1	1	1	1	1	1	1	1	1
Long-Term Debt / Equity	2.8	3	5.2	5.5	8.5	16.4	-81.8	-11.1	-6.2	3.1	2.3
Net Debt / EBITDA	1.8	1.6	1.2	1.2	1.4	1.4	1.5	1.8	3	2.5	1.4
EBIT / Interest Expense	5.5	6.1	7.8	8.8	10.6	8.2	6.1	7.5	3.3	3.2	6.6
EBITDA / Interest Expense	6.7	7.6	9.5	10.6	12.6	10.1	7.8	9.3	5.2	4.9	8.2
(EBITDA - Capex) / Interest Expense	6.5	7.2	9.3	10.3	12.3	9.8	7.5	8.4	4.7	4.5	7.7

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	12.3	12.3	11.7	11.5	12.4	11.6	12.3	12.3	11.8	11	10.6
Basic EPS	2.3	2.8	1.7	2.4	2	1.8	2.5	1.9	-1.2	0.5	1.6
Diluted EPS	2.3	2.7	1.7	2.3	2	1.8	2.5	1.9	-1.2	0.5	1.6
Book Value per Share	2.8	2.8	1.3	1.2	0.9	0.4	-0.1	-0.7	-1.1	1.8	2.7
Tangible Book Value per Share	-4.6	-4.1	-5.2	-5.2	-5.1	-6.9	-7.2	-8	-8.1	-5.9	-4.8
Cash per Share	2.8	4.3	3.4	3.3	3	3.4	3.4	2.1	1.8	1.8	2.5
Operating Cash Flow per Share	1.6	1.2	2.1	1.5	2.6	2.1	2.1	1.8	1.6	2.1	2.1
Free Cash Flow per Share	1.5	1.1	2	1.4	2.5	2	2	1.5	1.4	2	1.9
CapEx per Share	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.1	0.1	0.2
Weighted Avg. Shares Outstanding	331.8	340	370.8	387.2	406.8	412.3	427.6	451.8	467.9	490.2	512.6
Weighted Avg. Shares Outstanding Diluted	332.9	341.1	371.8	388.4	408.9	415.2	430.9	454.4	467.9	493.5	516.7

Common Size