Market PerformanceShares have underperformed year-to-date, down 25%, and WEX’s valuation is clearly undemanding.
Operational ComplexitiesThe complexity around splitting up WEX’s business makes a near-term value-creation catalyst less likely.
Revenue ChallengesNon-mobility segments have seen slowing organic revenue growth related to a large OTA transition impacting the corporate payments segment and faster-than-anticipated maturation of the HSA market impacting benefits.