Core Thesis - Euronet Worldwide, Inc. (EEFT) is viewed positively by P14 Capital, highlighting its potential for revaluation and growth in the fintech space [1][5] Financial Performance - For Q2, EEFT reported revenue of $1.07 billion and EPS of $2.56, slightly below consensus expectations, but maintained full-year EPS growth guidance of 12-16% [2] - The company experienced record revenue growth of 9% year-over-year and a 29% increase in direct-to-consumer digital transactions [3] Acquisition Strategy - EEFT announced the acquisition of CoreCard for approximately $248 million in a stock-for-stock deal, aimed at minimizing dilution through offsetting buybacks [2] - The acquisition is expected to enhance EEFT's valuation as a fintech, with CoreCard's revolving credit platform offering a total addressable market (TAM) exceeding $10 billion and potential margins near 50% [2] Market Positioning - Management's strategy includes deepening the software mix and expanding globally through cross-selling opportunities with existing banking and fintech clients [3] - Concerns regarding reliance on Apple and Goldman Sachs are considered manageable, with management viewing the relationship as a reference rather than a primary revenue source [3] Future Outlook - Upcoming catalysts include an Investor Day this fall, which may lead to clearer software and digital disclosures, potentially driving a re-rating of the stock from its current depressed P/E levels of approximately 12.7x [4] - EPS is forecasted at $7.85 for FY25, above guidance, with potential for buybacks and a stronger digital mix, presenting an attractive risk/reward scenario [4]