Seeking Alpha: WEX Still Has Good Growth Prospects, But A Fair Valuation

Shares of corporate payments specialist WEX (WEX) have hardly been still over the last six months, trading between $80 and $101 and sporting a beta (according to Yahoo! Finance) of 1.96. Even so, they are almost exactly where they were when I wrote that the company was a well-run player in attractive markets, but that the shares seemed a little expensive.

WEX has made some important moves since October, including acquiring operations in Brazil and acquiring Exxon Mobil's (XOM) European ESSO card business, but actual organic transaction growth has been fairly sluggish and the company's B2B virtual MasterCard (MA) program is still a faster-growing work in progress. I do see multiple opportunities for WEX to do better, but there's already a meaningful amount of growth baked into the share price and I still find myself wishing for a better entry price.

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WEX Still Has Good Growth Prospects, But A Fair Valuation