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Ebix started as a supplier of software and e-commerce solutions to the insurance industry.  However, it branched aggressively into payment, logistics, e-learning, and travel services.  My interest began in late 2018 due to the high (albeit debt-fueled) growth and heavy (50%+) exposure to India, which I saw at the time as arguably the world's most attractive emerging market.  

Ebix stock chart through 2023Unfortunately, that came with all sorts regulatory and geopolitical risks.  I was particularly critical of management's in the wake of the pandemic, even as Ebix was planning to IPO its EbixCash payments IPO in India.  By April of 2020, I began warning about the debt time bomb in combination with those moves.  That pattern continued through the summer of 2023, by which point the IPO was years behind schedule, and my view was completely divergent with the market valuation.  The final nail for me came on the morning of October 2nd 2023, via a forbearance agreement with the lenders.  The market initially took that as a sign of relief, but my base case was already that shareholders would be completely wiped out, and that was eventually shown to be correct.  EBIX stands as an example of how early warning on managment BS can sometimes be the most valuable facet of this service.


Updates:
+2 macro and MACOM 4Q19 schedule11:32 30-Oct-19
?4 Ebix 3Q19 schedule & value down the macro path09:30 29-Oct-19
+3 Ebix Insurance JV license and macro data imminent10:00 28-Oct-19
+1 ABB & Golar 3Q19 schedules plus energy and Brexit11:21 21-Oct-19
?2 5G and value update08:27 15-Oct-19
+3 Ebix travel agreements and macro follow up11:42 08-Oct-19
?3 EbixCash acquires Cox & Kings business customers11:23 27-Sep-19
+1 hedge funds up PG&E bid and value update19:56 26-Sep-19
?1 political, BGC and Ebix updates18:35 24-Sep-19
+3 EbixCash IPO progress, Shell 3Q19 schedule and more09:08 04-Sep-19
+1 Schlumberger 3Q19 schedule plus currency & value thoughts07:43 28-Aug-19
+2 Westport CFO, CUI OMIB, CTL dividend & more interesting notes20:03 22-Aug-19
+1 Golar LNG 2Q19 schedule and market notes13:48 13-Aug-19
+1 earnings follow-ups, plus bull/bear and macro discussions09:12 12-Aug-19
+1 Ebix 2Q19 results12:51 08-Aug-19
?2 Ebix schedules 2Q19 report16:51 02-Aug-19
?1 CUI Global service contract and macro thoughts09:32 22-Jul-19
+3 Ebix finalizing Yatra buy08:31 19-Jul-19
?1 Lagarde, telecoms and independence09:23 03-Jul-19
+1 leadership not banking crises12:04 24-Jun-19
+3 EbixCash IPO teased for 2Q2009:48 18-Jun-19
-3 Ebix hit by trade wars and more nonsense14:56 17-Jun-19
+2 AMSC and Schlumberger schedule plus more on energy22:23 04-Jun-19
+2 MACOM OMIB, elections and trading the trade wars19:59 23-May-19
?1 CUI OMIB and the safety dance19:39 20-May-19
+3 Ebix 1Q19 results09:03 09-May-19
?2 Ebix schedules 1Q19 report09:28 02-May-19
?1 Golar news and 1Q19 pre-earnings updates12:33 16-Apr-19
?1 monday morning macro and the crux09:17 01-Apr-19
+2 Ebix, Google and macro news09:19 19-Mar-19
+1 EBIX, CWEN, and macro for next week and beyond08:24 15-Mar-19
?3 CUI 4Q18 schedule & Latest Ebix purchase10:33 11-Mar-19
+3 Ebix 4Q18 results12:45 01-Mar-19
?3 Ebix preview and MicroVision pilot LiDAR09:23 28-Feb-19
?3 the Ebix Indian buying spree continues10:51 13-Feb-19
?2 stock gyrations and valuations11:48 06-Feb-19
?2 Clearway schedules 4Q18 report and more10:06 31-Jan-19
+1 new Energy Recovery facility and other news08:38 16-Jan-19
+3 Ebix business update20:51 11-Jan-19
?1 welcome to the crux10:08 07-Jan-19
+3 Ebix & Resonant expand as U.S. federal shutdown continues10:05 02-Jan-19
+3 Ebix selects accounting firms07:47 28-Dec-18
?3 EBIX stock split shelved, new Indian bus contract13:58 21-Dec-18
+2 Ebix $100M buyback, CEO takes salary in stock10:58 12-Dec-18
+2 Vodafone and Ebix updates09:37 06-Dec-18
?1 weekend recap and outlook09:28 03-Dec-18
+1 new AMSC and Ebix contracts10:33 28-Nov-18
+1 Resonant buyback, plus international & trading thoughts09:31 26-Nov-18
?3 Ebix split date plus BGC and wild macro thoughts07:39 21-Nov-18
+4 introducing Ebix17:06 16-Nov-18