Summary
Much of Ebix's business comes from EbixCash, its Indian subsidiary which generates most of its revenue through software platforms combined with third-party kiosks.
This 'phygital' strategy is smart and reproducible on different segments, markets and even geographies.
The company produces 30% operating margins and considerable free cash flow, even pays a dividend and has a declining share count despite numerous acquisitions.
The shares are actually quite cheap, but there is a 30% short position in the company's shares, which we struggle to explain.
The company is planning an IPO of EbixCash, which could well provide a considerable boost to the share price.
