All of that would hurt not only VeriFone, but smaller rivals such as Ingenico and Global Payment (GPN - Get Report), which have begun to steal some of VeriFone's thunder. But unlike VeriFone, Ingenico and Global Payments have not had to deal with poor execution.
Does VerfiFone have the ability to turn things around? I believe it does. But the track record over the past 12 months suggests otherwise. And with the stock trading at just 10 times fiscal 2014 estimates, the Street is pricing VeriFone as if it can't recover. With the open CEO position, that is understandable.
VeriFone's current valuation looks interesting for those who want to play a short-term trade. But I would be careful about getting trapped here. I don't believe that the long-term prospects are as promising as they once were - not with products such as Intuit's (INTU - Get Report) Go Payment growing in popularity.