Euronet Worldwide (Nasdaq: EEFT), which runs ATM and payments networks, prepaid distribution and cross-border money transfer, closed at $64.60 on October 9, 2026, near its lowest level of the year. On October 12, small-cap investor Tom Smith (@TomSmith839) argued that "$EEFT is trading at 6x 2026 P/E and a digital business growing +20%," and Colin King (@valuedontlie) replied that it was also "cheap + interesting." The unusual angle: an activist said in March that a recent industry deal implied $115 to $140 a share, then cut its own stake by more than half.
This is journalism and commentary, not investment advice. We hold no position unless stated.
Key facts
- Ticker and exchange: Euronet Worldwide, Inc., EEFT, Nasdaq.
- Situation type: A deep-value payments stock with an activist history, steady buybacks and a remittance business under pressure.
- The call: Tom Smith is long, citing roughly 6x 2026 earnings and fast growth in Euronet's digital business.
- Price: EEFT closed at $64.60 on October 9, 2026, versus a 2025 closing high of $112.74.
- Latest quarter: Second-quarter 2026 revenue of $1,108.4 million, up 3%, and adjusted EPS of $2.82, up 10%, while GAAP EPS fell to $1.71 from $2.27.
- Digital growth: Revenue from what Euronet calls its digital accelerators rose 31% and made up 26% of the total.
- Activist history: Voss Capital disclosed a 4.2% stake in a March 4, 2026 open letter urging a strategic review.
Is EEFT a good bet right now?
The case for is valuation. Voss's open letter said Euronet traded at 6.5x consensus 2026 earnings at a $71.68 share price, after trading at 15x to 20x from 2014 to 2020. If that consensus were unchanged, the October 9 close would work out to just under 6x. Management guides to 10% to 15% adjusted EPS growth for 2026.
The case against is that per-share growth leans on buybacks and adjusted figures, GAAP earnings fell in the quarter, and the money transfer business faces U.S. immigration policy headwinds. Cheap stocks can stay cheap.
Why do some investors think Euronet is mispriced?
- Growth hidden in a legacy wrapper. Tom Smith's post frames Euronet as a value stock with a fast-growing digital arm. Euronet's second-quarter release shows Payments Infrastructure revenue up 11% and a $50 million buyback of about 705,000 shares.
- A private-market yardstick. Voss argued that Brink's acquisition of NCR Atleos implies $115 to $140 per Euronet share, a 62% to 97% premium to the March 2 close.
- Breakup math. KEDM.com (@KEDM_COM), an event-driven special-situations site, wrote, "A full sale could deliver even more (100%+ potential), as it will also monetize Euronet's global licenses and cash generation."
- Stabilizing remittances. In September call notes he shared, Smith wrote that the money transfer business was still down year over year in the third quarter but by less than in the second.
Who's making this call and why?
Tom Smith is an anonymous small-cap investor whose X bio says he looks for companies that can grow earnings and free cash flow about 15% a year for several years. His Euronet posts include notes he shared from a September call hosted by Northland. He is not yet scored in our tracking. Colin King, who engaged with the post, is 11-8 (a .579 win rate) on 19 calls scored at 180 days against the S&P 500, with an average edge of +35.1 percentage points; his comment was a reaction, not a stated position. See the Market Calls scoreboard.
Who disagrees?
The activist itself is the loudest counterpoint. Sam Bugs (@Sammy_the_Nose) pointed out, "Activist Voss sold over half its $EEFT position in 2Q." Voss's 13F filings confirm it: 1,575,000 shares at March 31, 2026 fell to 675,000 at June 30, 2026, per its second-quarter 13F.
Mario Cibelli (@mario_cibelli), founder of Marathon Partners, has argued that digital remitters are taking share from older players. Of Euronet, he wrote, "Best legacy player but still get hit on gross profit shrinkage." Euronet itself says its Cross-Border business is pressured by U.S. immigration policy, and second-quarter operating income fell 14%.
What are the key facts to verify?
- Euronet's second-quarter 2026 results, including the GAAP-to-adjusted bridge and segment trends.
- The current consensus 2026 EPS estimate, which determines whether the stock really trades near 6x.
- Voss's March letter and its later 13F filings.
- Whether Euronet's board has responded to calls for a strategic review.
- Money transfer volumes in the third-quarter report.
What would prove it right or wrong?
Right: Adjusted EPS growth lands in the 10% to 15% range, digital revenue keeps growing above 20%, money transfer stabilizes, and the valuation re-rates or a sale or breakup is announced.
Wrong: Remittance declines deepen, GAAP earnings keep falling, buybacks mask shrinking profits, or Voss exits entirely without a strategic process.
This is journalism and commentary, not investment advice. We hold no position unless stated.