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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:
?3 Fed, Ebix 1Q22 schedule and more15:22 04-May-22
?2 Akoustis 3Q22 schedule and trade notes06:53 26-Apr-22
?1 New Fortress, Himax, MACom 1Q22 schedules and more09:34 13-Apr-22
+2 reshaping global energy13:45 26-Mar-22
?1 Westport 4Q21 results plus view for the week and summer17:25 14-Mar-22
+4 Ebix red herring and more13:44 11-Mar-22
?3 Ebix 4Q21 results12:08 09-Mar-22
?1 Xebec 4Q21 schedule, plus Vodafone & macro trading update09:22 04-Mar-22
?4 Ebix 4Q21 schedule15:49 03-Mar-22
?1 Kinetik update, PPL NEC approval, and more09:56 24-Feb-22
+1 trading and news wrap11:24 18-Feb-22
?2 Magnachip & PPL 4Q21 schedules, plus gas & India notes16:29 31-Jan-22
?2 MACom 1Q22 results and more09:34 27-Jan-22
?2 Google lawsuit, looking ahead to the midterms and more10:33 18-Jan-22
+2 macro, Ebix and GRoDT updates09:05 13-Jan-22
?1 market leverage, inflation, and trade notes12:24 14-Dec-21
-2 look ahead on a short week11:44 26-Nov-21
?2 market leverage and other news12:03 19-Nov-21
-1 currencies and weekly wrap10:17 12-Nov-21
-4 Ebix 3Q21 results12:12 09-Nov-21
?3 Amsc, Resonant & Ebix 3Q21 schedules, Westport contract16:46 02-Nov-21
+2 Clearway 3Q21 schedule, new Akoustis market, and policy moves09:41 15-Oct-21
?1 Pandora Papers and mega-cap market matters08:47 04-Oct-21
+1 Magnachip extension and more12:17 14-Sep-21
-1 jobs reports and much more10:43 03-Sep-21
+2 app store harbinger plus Amsc and Ebix news10:12 31-Aug-21
+3 Ebix 2Q21 results12:14 09-Aug-21
?1 eMagin 2Q21 schedule and trade-focused previews & follow-ups11:44 03-Aug-21
?3 Ebix 2Q21 schedule10:27 30-Jul-21
+2 Akoustis Diplexer, UDC 2Q21 & New Fortress update schedules, and more09:05 14-Jul-21
+3 Ebix expands tele-shopping contract & more macro data10:59 01-Jul-21
+1 BGC 2Q20 business update and more16:49 30-Jun-21
+3 EbixCash banking contract, ABB 2Q21 schedule, 5G and macro09:26 28-Jun-21
?1 adding AKTS, Resonant WaveX software and pricing notes09:30 22-Jun-21
+1 macro trading thoughts and news13:39 10-Jun-21
+1 Himax dividend, plus networking & macro thoughts09:29 03-Jun-21
+3 international & segment updates plus new format13:39 24-May-21
?3 Ebix 1Q21 results11:51 17-May-21
?3 Ebix 1Q21 schedule, NFE OMIB, Golar execs and trading update12:41 14-May-21
?3 Ebix 10-QNT filing and estimates18:04 10-May-21
+1 Xebec, Intel & Akoustis manufacturing, Resonant 1Q21 schedule and more15:22 03-May-21
+1 ABB charging IPO, semiconductor news & earnings so far14:25 28-Apr-21
?3 Ebix results tomorrow and notes for the week11:59 27-Apr-21
?3 Ebix 4Q20 report and IPO scheduling12:30 19-Apr-21
?1 Amdocs call, Shell 1Q21 schedule and short-term catalysts10:45 08-Apr-21
?2 gas, macro and new pick09:25 29-Mar-21
+1 Xebec cuts FY20 guidance and thoughts on Asia10:30 15-Mar-21
+3 Ebix 10-K schedule and macro note09:19 09-Mar-21
+1 adding PPL plus weekly wrap notes12:41 26-Feb-21
-5 Ebix auditor resigns17:48 24-Feb-21