--- 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 |
Fed, Ebix 1Q22 schedule and more | 15:22 04-May-22 |
?2 |
Akoustis 3Q22 schedule and trade notes | 06:53 26-Apr-22 |
?1 |
New Fortress, Himax, MACom 1Q22 schedules and more | 09:34 13-Apr-22 |
+2 |
reshaping global energy | 13:45 26-Mar-22 |
?1 |
Westport 4Q21 results plus view for the week and summer | 17:25 14-Mar-22 |
+4 |
Ebix red herring and more | 13:44 11-Mar-22 |
?3 |
Ebix 4Q21 results | 12:08 09-Mar-22 |
?1 |
Xebec 4Q21 schedule, plus Vodafone & macro trading update | 09:22 04-Mar-22 |
?4 |
Ebix 4Q21 schedule | 15:49 03-Mar-22 |
?1 |
Kinetik update, PPL NEC approval, and more | 09:56 24-Feb-22 |
+1 |
trading and news wrap | 11:24 18-Feb-22 |
?2 |
Magnachip & PPL 4Q21 schedules, plus gas & India notes | 16:29 31-Jan-22 |
?2 |
MACom 1Q22 results and more | 09:34 27-Jan-22 |
?2 |
Google lawsuit, looking ahead to the midterms and more | 10:33 18-Jan-22 |
+2 |
macro, Ebix and GRoDT updates | 09:05 13-Jan-22 |
?1 |
market leverage, inflation, and trade notes | 12:24 14-Dec-21 |
-2 |
look ahead on a short week | 11:44 26-Nov-21 |
?2 |
market leverage and other news | 12:03 19-Nov-21 |
-1 |
currencies and weekly wrap | 10:17 12-Nov-21 |
-4 |
Ebix 3Q21 results | 12:12 09-Nov-21 |
?3 |
Amsc, Resonant & Ebix 3Q21 schedules, Westport contract | 16:46 02-Nov-21 |
+2 |
Clearway 3Q21 schedule, new Akoustis market, and policy moves | 09:41 15-Oct-21 |
?1 |
Pandora Papers and mega-cap market matters | 08:47 04-Oct-21 |
+1 |
Magnachip extension and more | 12:17 14-Sep-21 |
-1 |
jobs reports and much more | 10:43 03-Sep-21 |
+2 |
app store harbinger plus Amsc and Ebix news | 10:12 31-Aug-21 |
+3 |
Ebix 2Q21 results | 12:14 09-Aug-21 |
?1 |
eMagin 2Q21 schedule and trade-focused previews & follow-ups | 11:44 03-Aug-21 |
?3 |
Ebix 2Q21 schedule | 10:27 30-Jul-21 |
+2 |
Akoustis Diplexer, UDC 2Q21 & New Fortress update schedules, and more | 09:05 14-Jul-21 |
+3 |
Ebix expands tele-shopping contract & more macro data | 10:59 01-Jul-21 |
+1 |
BGC 2Q20 business update and more | 16:49 30-Jun-21 |
+3 |
EbixCash banking contract, ABB 2Q21 schedule, 5G and macro | 09:26 28-Jun-21 |
?1 |
adding AKTS, Resonant WaveX software and pricing notes | 09:30 22-Jun-21 |
+1 |
macro trading thoughts and news | 13:39 10-Jun-21 |
+1 |
Himax dividend, plus networking & macro thoughts | 09:29 03-Jun-21 |
+3 |
international & segment updates plus new format | 13:39 24-May-21 |
?3 |
Ebix 1Q21 results | 11:51 17-May-21 |
?3 |
Ebix 1Q21 schedule, NFE OMIB, Golar execs and trading update | 12:41 14-May-21 |
?3 |
Ebix 10-QNT filing and estimates | 18:04 10-May-21 |
+1 |
Xebec, Intel & Akoustis manufacturing, Resonant 1Q21 schedule and more | 15:22 03-May-21 |
+1 |
ABB charging IPO, semiconductor news & earnings so far | 14:25 28-Apr-21 |
?3 |
Ebix results tomorrow and notes for the week | 11:59 27-Apr-21 |
?3 |
Ebix 4Q20 report and IPO scheduling | 12:30 19-Apr-21 |
?1 |
Amdocs call, Shell 1Q21 schedule and short-term catalysts | 10:45 08-Apr-21 |
?2 |
gas, macro and new pick | 09:25 29-Mar-21 |
+1 |
Xebec cuts FY20 guidance and thoughts on Asia | 10:30 15-Mar-21 |
+3 |
Ebix 10-K schedule and macro note | 09:19 09-Mar-21 |
+1 |
adding PPL plus weekly wrap notes | 12:41 26-Feb-21 |
-5 |
Ebix auditor resigns | 17:48 24-Feb-21 |