Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

WEX Still Has Good Growth Prospects, But A Fair Valuation

Shares of corporate payments specialist WEX (NYSEMKT:WEX) have hardly been still over the last six months, trading between $80 and $101 and sporting a beta (according to Yahoo! Finance) of 1.96. Even so, they are almost exactly where they were when I wrote that the company was a well-run player in attractive markets, but that the shares seemed a little expensive.

WEX has made some important moves since October, including acquiring operations in Brazil and acquiring Exxon Mobil's (NYSE:XOM) European ESSO card business, but actual organic transaction growth has been fairly sluggish and the company's B2B virtual MasterCard (NYSE:MA) program is still a faster-growing work in progress. I do see multiple opportunities for...

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