Western Union trades at a deep discount, with an ~11% dividend yield and an adjusted P/E of ~5x, despite robust core operations. Cost-saving initiatives in Q4 maintained the firm's 20% margins, offsetting a 5% revenue decline resulting from U.S. immigration policy. Growth in Europe and CIS revenue (+5.8% in Q4) and resilient Middle East flows for Q1 will mitigate U.S. immigration policy impacts.









