Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Gain Capital: Cheap Now, Cheaper After GFT Acqusition

I wrote about GAIN Capital (NYSE:GCAP) back in February. In that piece, the reader can find an overview of the business and a brief financial analysis. Here we will look at the prospective improvements in both the strategic position of GAIN Capital following its pending acquisition of Global Futures & Forex and in the broader overall environment. In short, the acquisition looks very good for Gain Capital and while the stock is up some 20% since February, there might be some more ground to run.

Briefing

GAIN Capital owns the forex.com brand and it has historically made the majority of its money pairing retail foreign exchange transactions against each other and keeping the spread. For the most part,

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