Euronet Worldwide: Strategic Greek Acquisitions and Merchant Acquiring Growth Underpin Buy Rating

William Blair analyst Christopher Kennedy has reiterated their bullish stance on EEFT stock, giving a Buy rating on December 22.

Christopher Kennedy has given his Buy rating due to a combination of factors that highlight Euronet Worldwide’s expanding and increasingly profitable presence in merchant acquiring. He points to the newly announced agreement with CrediaBank in Greece, under which Euronet will acquire the bank’s merchant acquiring business and ATM network and enter a broader payments partnership, as a meaningful strategic extension of its existing footprint in the country. Kennedy notes that this transaction fits into Euronet’s broader strategy of purchasing noncore payments assets from banks seeking to strengthen their capital positions, thereby securing attractive portfolios of merchants, POS terminals, and card-related transaction flows at favorable terms.

Kennedy further underscores that Euronet has built a strong track record in Greece, particularly with its earlier acquisition of Piraeus Bank’s merchant acquiring operations, where EBITDA contribution has reportedly tripled within roughly two and a half years. He estimates that merchant acquiring has become a notable growth driver for the company, now accounting for a meaningful share of consolidated revenue across both the EFT and epay segments. In his view, Euronet’s focus on smaller merchants in high-tourism corridors—where dynamic currency conversion and VAT-related transactions support superior economics—positions the company to continue expanding margins and earnings. Taken together, these elements support his conviction that the stock offers attractive upside, justifying a Buy recommendation.

In another report released on December 22, Northland Securities also maintained a Buy rating on the stock with a $110.00 price target.