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10	member 2/29/24 11:06PM FY23 results
I just revisited this following FY23 results. Unfortunately, it seems as if fundamentals are deteriorating (e.g., avg. amount per transaction, take rates, agent productivity, etc.). It's a shame because I liked the story but, alas, 1 view available tags
9	member 8/09/23 9:10PM Re: Re: Disappointing Q2 - will the price war last longer than anyone expects? 8
Hi SlackTide, I agree with everything you wrote. The thing that is most disappointing is I suspect the long-term compounder and share gained that it seemed to be before they reported, may no longer be the... login to read the rest view available tags
8	member 8/09/23 7:30PM Re: Disappointing Q2 - will the price war last longer than anyone expects? 7
We think the thesis is partially damaged because we had assumed they would basically always outgrow their end markets (e.g. take share), but this quarter they clearly didn't do that. They chose to protect margins... login to read the rest 2 view available tags
7	member 8/02/23 8:44PM Disappointing Q2 - will the price war last longer than anyone expects?
Well, we're back to 10x earnings. Probably valuation support here (the stock only went lower in the pandemic selloff), but the upside is in question. They said on the call that such price wars didn't last... login to read the rest view available tags
6	member 2/06/23 1:46PM Re: Re: Anyone answering questions on this name? 5
We think they continue to take share and grow several % points above industry growth. At a recent NDR (Northlake) Bob implied ongoing mid-teens "core" growth and stated that he thought US to Mexico could... login to read the rest 1 view available tags
5	member 2/06/23 8:21AM Re: Anyone answering questions on this name? 4
No offense meant here, but have to chime in...I guess you were not working during the GFC. Known as the Great OR Global Financial Crisis. The entire world was impacted, not just the US. The... login to read the rest view available tags
4	member 2/04/23 7:09PM Anyone answering questions on this name?
I'd like to get someone's view on the upcoming quarter as I see the potential for another disappointment. The stock sold off last quarter and rebounded. Their 2023 guidance could be conservative given 2 headwinds: 1)... login to read the rest view available tags
3	member 1/05/23 12:33PM La Nacionale
Great write up, as you can tell from our write up we like the business as well. Just curious, how are you incorporating the La Nacionale business into your numbers? Are you assuming 15% organic growth plus... login to read the rest view available tags
2	member 12/24/22 6:48AM Digital Already Source of Growth for IMXI (as opposed to a threat)
Excellent writeup, but think this is worth noting….digital transactions (either sent or received) are already a material part of IMXI’s Revenue. In 3Q22, Digital represented 28% of IMXI’s transactions and grew 110% y/y. Of course,... login to read the rest 1 view available tags
1	member 12/23/22 8:43PM Great write-up
sroemer, Thanks for a compelling idea. A couple of questions. 1) I last looked at IMXI a couple of years ago at which time they were talking about their growth markets having lower margins. They weren't able... login to read the rest view available tags

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			2011	2012
Price:	24.87	EPS	$6.33	$5.19
Shares Out. (in M):	524	P/E	4.0x	4.8x
Market Cap (in $M):	13,103	P/FCF	4.6x	5.4x
Net Debt (in $M):	0	EBIT	4,475	3,536
TEV (in $M):	10,714	TEV/EBIT	2.4x	3.1x

Description

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