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4-Traders Homepage  >  Equities  >  Nyse  >  Moneygram International Inc    MGI

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Moneygram International Inc : MoneyGram Signs Two Top Currency Exchange Houses in Venezuela

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04/10/2012 | 02:16pm CET

Network now includes three of the five largest Venezuelan currency companies

DALLAS--(BUSINESS WIRE)--Apr. 10, 2012-- MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today it has added two of the largest foreign currency exchange houses in Venezuela to its money transfer network - Casa de Cambio Angulo Lopez and Venegiros Casa de Cambio. Combined with the company's existing agent Italcambio, MoneyGram's network now includes three of Venezuela's top five currency exchange companies, bringing the number of MoneyGram locations in Venezuela to 100.

"We are thrilled to enter into relationships with two more premier financial institutions in Venezuela. With Casa de Cambio Angulo Lopez and Venegiros Casa de Cambio, we are significantly diversifying our network in the country and nearly doubling the number of locations available to our customers," said George Zelinski, vice president of Central America, South America and the Caribbean. "Both financial institutions are experienced money transfer service providers. Joining the MoneyGram network expands each provider's reach beyond the region for the first time."

Venezuela is an active send and receive remittance market, with 812 million USD sent from the country, particularly from the nation's approximate 2 million immigrants. Key send markets include China, Colombia, Peru, Ecuador, Spain, Portugal and the U.S. In addition, the country receives 1.2 million USD annually, from countries such as the U.S., Italy, Spain, Colombia and the U.K.

About MoneyGram International

MoneyGram International, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 267,000 agent locations-including retailers, international post offices and financial institutions-in 192 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or connect with us on Facebook.

Source: MoneyGram International

MoneyGram International
Patty Sullivan, +1-214-303-9923
or
Sean Tuffnell, +1-214-303-9923
media@moneygram.com

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Financials ($)
Sales 2016 1 523 M
EBIT 2016 102 M
Net income 2016 18,3 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 39,40
P/E ratio 2017 15,60
Capi. / Sales 2016 0,37x
Capi. / Sales 2017 0,35x
Capitalization 561 M
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Consensus 
Mean consensus HOLD
Number of Analysts 13
Average target price 8,80 $
Spread / Average Target -17%
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Managers
NameTitle
W. Alexander Holmes Chief Executive Officer & Director
Pamela H. Patsley Executive Chairman
Lawrence Angelilli Chief Financial Officer, Treasurer & Executive VP
Wayne F. Mcgurk Chief Information Officer & Executive VP
Ganesh B. Rao Director
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