Euronet Worldwide at $66.53 presents a genuinely compelling risk-reward for patient capital, but with more nuance than first appears. The business has compounded EPS from $0.42 in 2012 to $7.44 in FY2025 under a founder-CEO who has led it for 30 years and owns approximately 5.9% of shares outstanding — worth roughly $171 million at the current price. Revenue grew from approximately $1.3 billion in 2012 to $4.24 billion in FY2025, a trajectory of consistent top-line expansion through multiple economic cycles including COVID, where revenue dropped only 9.7% and recovered 20.6% the following year. The share count has declined from 53 million to approximately 42 million over the past decade, amplifying per-share value creation beyond operating growth. Management returned approximately $388 million to shareholders through buybacks in FY2025 alone, funded entirely from operating cash flow. The valuation math at $66.53 is striking even under conservative assumptions. Using FY2025 EPS of $7.44 at a 13x multiple — modest for a payment infrastructure business with 8-10% revenue growth and a founder at the helm — produces a fair value of approximately $97. Cross-checking via owner earnings (FY2025 FCF of $421 million minus $44 million in SBC = $377 million, divided by 42 million shares = approximately $9 per share) at 10-11x produces $90-$99. On either basis the stock trades at a significant discount. However, we must be intellectually honest about what we do NOT know: the gross margin structure is unclear from available data (the annual income statement shows gross profit equal to revenue for recent years, but the ROIC.AI TTM figure shows a 41% gross margin), the $2.245 billion receivables balance likely reflects settlement pre-funding rather than trade receivables but cannot be fully verified, and FY2025 operating cash flow declined 24% to $560 million despite revenue growth — a pattern that requires monitoring in FY2026. The post-COVID ROIC plateau at approximately 10% versus the 2018-2019 peak of 15-16% is the single most important financial signal. Revenue surpassed 2019 levels by over 45%, yet ROIC has recovered only two-thirds of the way. The optimistic interpretation is that management is investing in growth initiatives (CoreCard, Credia, Dandelion) that have not yet matured — the merchant acquiring business grew EBITDA 32% in FY2025 and CoreCard has already won Bilt 2.0 and Coinbase as clients. The cautious interpretation is that competitive dynamics in Money Transfer (Wise at 0.4% versus Ria at 2-3%) and margin dilution from the evolving revenue mix have permanently lowered the capital efficiency ceiling. Both interpretations have merit. What settles the debate is the FY2026 operating cash flow trajectory: if H1 2026 OCF recovers above $350 million, the FY2025 decline was settlement timing and the 10% ROIC represents a trough, not a ceiling. At $66.53 with a founder buying back shares aggressively and a business generating $7.44 in EPS, the risk-reward favors ownership even with unresolved questions. Five of seven council members recommend buying, acknowledging the honest limitations in the data while concluding that the magnitude of the discount to conservative intrinsic value provides adequate margin of safety. The most important monitoring point is FY2026 H1 operating cash flow — this single data point will confirm or challenge the earnings quality thesis. The EFT infrastructure pivot (merchant acquiring, CoreCard, Credia) provides the growth vector that can offset Money Transfer margin compression over time. The mechanical per-share accretion from continued buybacks at depressed prices — shares have been declining at approximately 5-6% annually in recent years — creates a return floor that does not depend on multiple expansion.