Benjamin Sinclair
Value, contrarian, long-term horizon, long only

Points International: A Great Company, A Wide Moat, And An Undervalued Stock

Points International (NASDAQ:PCOM) is an e-commerce company dedicated to serving loyalty programs worldwide. It's best-known for the website, which allows members of loyalty programs to buy, sell, and trade loyalty points. These members must pay a premium price per point, typically 2.5 cents, which PCOM shares with its loyalty program operators. Last year PCOM made about $200 million in revenue, exiting the year at a $270 million run rate.

Points International Select Figures (2013)

Total (M)

% of Revenue

Per Share





Gross Profit








Net Income








Free Cash Flow




Cash (Q1/2014)







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