FLT - Fleetcor

[hooplaer23]

I was surprised to find that there was not an existing thread for Fleetcor.  The stock is down more than 10% on earnings today.  The company processes and sells fuel cards and other related products (lodging, toll payments, virtual payments) to fleets, with around 75% of revenue from the U.S. and 25% international.  Over the last several years the company has steadily decreased its exposure to absolute fuel prices, which now accounts for around 15% of sales.  There are obvious macro headwinds at the moment (lower fuel prices, F/X, weak economies in Russia and Brazil), but the longer term opportunity seems strong, particularly for expansion in Europe.  The stock isn't as cheap as it was in January and February, but still trades below 20x my estimates for 2017 EPS.