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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.
Unfortunately, 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 schedule | 11:32 30-Oct-19 |
?4 |
Ebix 3Q19 schedule & value down the macro path | 09:30 29-Oct-19 |
+3 |
Ebix Insurance JV license and macro data imminent | 10:00 28-Oct-19 |
+1 |
ABB & Golar 3Q19 schedules plus energy and Brexit | 11:21 21-Oct-19 |
?2 |
5G and value update | 08:27 15-Oct-19 |
+3 |
Ebix travel agreements and macro follow up | 11:42 08-Oct-19 |
?3 |
EbixCash acquires Cox & Kings business customers | 11:23 27-Sep-19 |
+1 |
hedge funds up PG&E bid and value update | 19:56 26-Sep-19 |
?1 |
political, BGC and Ebix updates | 18:35 24-Sep-19 |
+3 |
EbixCash IPO progress, Shell 3Q19 schedule and more | 09:08 04-Sep-19 |
+1 |
Schlumberger 3Q19 schedule plus currency & value thoughts | 07:43 28-Aug-19 |
+2 |
Westport CFO, CUI OMIB, CTL dividend & more interesting notes | 20:03 22-Aug-19 |
+1 |
Golar LNG 2Q19 schedule and market notes | 13:48 13-Aug-19 |
+1 |
earnings follow-ups, plus bull/bear and macro discussions | 09:12 12-Aug-19 |
+1 |
Ebix 2Q19 results | 12:51 08-Aug-19 |
?2 |
Ebix schedules 2Q19 report | 16:51 02-Aug-19 |
?1 |
CUI Global service contract and macro thoughts | 09:32 22-Jul-19 |
+3 |
Ebix finalizing Yatra buy | 08:31 19-Jul-19 |
?1 |
Lagarde, telecoms and independence | 09:23 03-Jul-19 |
+1 |
leadership not banking crises | 12:04 24-Jun-19 |
+3 |
EbixCash IPO teased for 2Q20 | 09:48 18-Jun-19 |
-3 |
Ebix hit by trade wars and more nonsense | 14:56 17-Jun-19 |
+2 |
AMSC and Schlumberger schedule plus more on energy | 22:23 04-Jun-19 |
+2 |
MACOM OMIB, elections and trading the trade wars | 19:59 23-May-19 |
?1 |
CUI OMIB and the safety dance | 19:39 20-May-19 |
+3 |
Ebix 1Q19 results | 09:03 09-May-19 |
?2 |
Ebix schedules 1Q19 report | 09:28 02-May-19 |
?1 |
Golar news and 1Q19 pre-earnings updates | 12:33 16-Apr-19 |
?1 |
monday morning macro and the crux | 09:17 01-Apr-19 |
+2 |
Ebix, Google and macro news | 09:19 19-Mar-19 |
+1 |
EBIX, CWEN, and macro for next week and beyond | 08:24 15-Mar-19 |
?3 |
CUI 4Q18 schedule & Latest Ebix purchase | 10:33 11-Mar-19 |
+3 |
Ebix 4Q18 results | 12:45 01-Mar-19 |
?3 |
Ebix preview and MicroVision pilot LiDAR | 09:23 28-Feb-19 |
?3 |
the Ebix Indian buying spree continues | 10:51 13-Feb-19 |
?2 |
stock gyrations and valuations | 11:48 06-Feb-19 |
?2 |
Clearway schedules 4Q18 report and more | 10:06 31-Jan-19 |
+1 |
new Energy Recovery facility and other news | 08:38 16-Jan-19 |
+3 |
Ebix business update | 20:51 11-Jan-19 |
?1 |
welcome to the crux | 10:08 07-Jan-19 |
+3 |
Ebix & Resonant expand as U.S. federal shutdown continues | 10:05 02-Jan-19 |
+3 |
Ebix selects accounting firms | 07:47 28-Dec-18 |
?3 |
EBIX stock split shelved, new Indian bus contract | 13:58 21-Dec-18 |
+2 |
Ebix $100M buyback, CEO takes salary in stock | 10:58 12-Dec-18 |
+2 |
Vodafone and Ebix updates | 09:37 06-Dec-18 |
?1 |
weekend recap and outlook | 09:28 03-Dec-18 |
+1 |
new AMSC and Ebix contracts | 10:33 28-Nov-18 |
+1 |
Resonant buyback, plus international & trading thoughts | 09:31 26-Nov-18 |
?3 |
Ebix split date plus BGC and wild macro thoughts | 07:39 21-Nov-18 |
+4 |
introducing Ebix | 17:06 16-Nov-18 |