--- the subscriber area has no ads and those above are not selected or endorsed by this site ---
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: |
+3 |
Ebix bus automation and Energy Recovery water treatment contracts | 09:25 03-Feb-21 |
?3 |
AMSC 3Q20 schedule, Indian budget, and more | 19:29 01-Feb-21 |
?1 |
Shell & ABB schedules, Vuzix preliminary results and more | 10:36 15-Jan-21 |
?1 |
viral transitions and market moves | 08:47 08-Jan-21 |
+3 |
Ebix and Prudential in India | 10:54 15-Dec-20 |
+2 |
Hygo case dismissed and Ebix accolades | 09:32 10-Dec-20 |
+1 |
Tina vs Eve: thoughts on inequality | 00:46 07-Dec-20 |
?3 |
new summaries and other administrative notes | 09:26 30-Nov-20 |
?2 |
Lumen, Virtu and other news | 19:15 23-Nov-20 |
?1 |
Orbital 3Q20 results plus RCEP trade thoughts | 09:05 16-Nov-20 |
+3 |
Ebix 3Q20 results | 12:01 09-Nov-20 |
?4 |
Ebix 3Q20 schedule and AMSC orders | 09:33 03-Nov-20 |
?1 |
Vuzix Blade Upgraded available & Golar update | 08:04 01-Oct-20 |
?2 |
Orbital, BGC, Vodafone and other news from India | 11:52 25-Sep-20 |
-1 |
Xebec stock incentives and value updates | 09:57 21-Sep-20 |
+3 |
Ebix 2Q20 results | 14:57 07-Aug-20 |
?4 |
Ebix 2Q20 schedule plus more Virtu and market thoughts | 10:28 03-Aug-20 |
-2 |
eMagin defense contract, Nokia schedule and more | 11:09 27-Jul-20 |
?2 |
BGC 2Q20 schedule and more on India | 08:39 17-Jul-20 |
+1 |
pre-earnings macro thoughts and minor news | 12:28 13-Jul-20 |
+1 |
AES, Nokia & Ebix news | 09:26 23-Jun-20 |
?2 |
Nokia, the pandemic and market pricing | 08:51 16-Jun-20 |
+2 |
Clearway near, BGC & Covanta far from the finish line, Fed could move it | 13:23 11-Jun-20 |
-1 |
FOMC and other nonsense | 17:57 10-Jun-20 |
?3 |
Ebix, Yatra, Schlumberger and the virus | 09:57 21-May-20 |
-1 |
Vuzix OMIB, CenturyLink dividend and India cylcone | 16:44 20-May-20 |
?3 |
Ebix 1Q20 results | 13:16 11-May-20 |
?3 |
Ebix 1Q20 schedule and India health notes | 15:51 06-May-20 |
?1 |
ERII 1Q19 schedule & updates, plus Brazil vs India | 08:55 23-Apr-20 |
-2 |
market calendar and minor news | 09:42 15-Apr-20 |
?4 |
new Ebix CFO and debt profile | 20:40 08-Apr-20 |
-4 |
Senate deal, rebate rates, India lockdown, Schlumberger cutback | 09:14 25-Mar-20 |
+1 |
Virtu update plus AES and other OMIBs | 10:16 24-Mar-20 |
+1 |
stimulus, bonds and market segments | 09:08 19-Mar-20 |
+3 |
OMIBs from the Ebix C-Suite | 15:26 13-Mar-20 |
?3 |
Ebix 4Q19 results | 01:28 03-Mar-20 |
-1 |
VOD OMIB and other values | 16:47 27-Feb-20 |
?4 |
Ebix 4Q19 schedule and reality shifts | 20:04 12-Feb-20 |
?1 |
new Fenics market maker plus trade & competition | 09:35 21-Jan-20 |
-1 |
India rejects Vodafone & fluff news | 11:55 16-Jan-20 |
+1 |
VUZI OMIBs and other follow-ups | 11:07 14-Jan-20 |
+3 |
EbixCash partners with MoneyGram and much more | 09:39 13-Jan-20 |
+2 |
macro, value and Nokia | 11:54 09-Jan-20 |
+2 |
Himax 4Q19 projection plus CES & more Ebix | 11:45 07-Jan-20 |
?1 |
Resonant win, Ebix update & Iraq | 09:46 06-Jan-20 |
+1 |
Resonant COO, EBIX OMIB, and Clearway/Covanta macro | 23:33 02-Dec-19 |
?2 |
looking through December with telecom dividends and Ebix | 17:59 21-Nov-19 |
+3 |
Ebix wins bus fire sale | 10:52 15-Nov-19 |
?1 |
MVIS OMIB and earnings follow-ups | 13:06 14-Nov-19 |
?3 |
Ebix 3Q19 results | 12:10 12-Nov-19 |