Impactive Capital’s Lauren Taylor Wolfe sees value in payments company WEX , saying investors are misjudging its role in the electric vehicle trend. WEX is a payments provider for corporate vehicle fleets. While its shares are outperforming the market with a 1% gain on the year, Impactive’s co-founder and managing partner said the company is still undervalued. Wolfe said the market perceives that the current EV acceleration means lower revenue to be generated from WEX’s fleet segment, which drives 60% of earnings. But she said the fact that more EVs are entering its fleet is actually beneficial to the company as WEX provides services to help managers reduce the carbon footprint. “WEX is misunderstood, mispriced. It’s a complicated business with three different segments,” Wolfe said in an interview with CNBC’s David Faber on ” Squawk on the Street .” “We think they have the opportunity to grow revenue per vehicle by 70%.” “Our view is that WEX is going to thrive in the environment of electric vehicles despite the market contending that they might not,” Wolfe said. Last year, WEX announced a partnership with EV-charging network company ChargePoint to provide integration of EV charging for mixed fleets that include internal combustion engine vehicles.
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