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Absolute Value

 
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  • Why I Bought Ebix Ahead Of Earnings
    Fri, Aug. 8 EBIX 19 Comments

    Summary

    • Legal troubles and a short seller attack have created a buying opportunity (the 2011 Class Action lawsuit was settled in June 2014, and accusations of accounting fraud seem unfounded).
    • This is a business with a healthy balance sheet in a net cash position and strong free cash flow generation (~40% margins) with 80% recurring revenue streams.
    • It has $100+ million available under the repurchase plan, representing >20% of outstanding shares and a larger percentage of free float (the chairman owns 10%).
    • There is a potential short squeeze with ~40% short interest.
    • It offers a >2% dividend while you wait for EBIX to be fairly valued.
  • Gramercy Property Trust: Asymmetric Risk/Reward In This 8.125% Coupon Preferred
    Editors' Pick • Dec. 10, 2013 GPT 29 Comments