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MoneyGram shares jump on partnership with bitcoin-rival Ripple

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01/13/2018 | 01:45am CET
The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto

(This version of the Jan. 11 story corrects to say XRP rose to $2.25 instead of $13.38 paragraph four)

Shares of MoneyGram International Inc (>> Moneygram International Inc) jumped 10.5 percent on Thursday, after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, created by the founder of bitcoin exchange Mt Gox, has risen 31,000 percent over the past year, overshadowing bitcoin's 1,200 percent increase.

XRP rose to $2.25 during trade on Thursday, according to coinmarketcap.com.

Many see it as a close contender to bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion. (http://reut.rs/2D0S11W)

XRP allows banks and payment companies to send money quickly, no matter the location. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 per transaction fee.

Several companies such as UBS (>> UBS Group) and Santander (>> Banco Santander) already use Ripple's products to enable payments. In November 2017, American Express Co (>> American Express Company) also launched an instant blockchain-based payment system using Ripple.

China's Ant Financial's deal to buy MoneyGram for $1.2 billion collapsed last week. (http://reut.rs/2D1nYqT)

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Financials ( CNY)
Sales 2018 242 B
EBIT 2018 91 578 M
Net income 2018 65 206 M
Finance 2018 144 B
Yield 2018 0,04%
P/E ratio 2018 48,98
P/E ratio 2019 36,50
EV / Sales 2018 12,2x
EV / Sales 2019 8,62x
Capitalization 3 107 B
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Number of Analysts 48
Average target price 1 392  CNY
Spread / Average Target 15%
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Managers
NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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