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#	AUTHOR DATE SUBJECT
13	member 1/25/23 8:11AM Re: Re: Re: Re: Update? 11
Straw - I also have $25m -$26m of EBITDA for 2023 barring bad recession. I'm penciling in FBICS at $9m in revenue, from estimated $5-6mn this year. While CXI is not ramping the business like... login to read the rest 1 view available tags
12	member 1/25/23 5:23AM Re: Re: FCF & payments business 7
Just saw this... thanks very much Maiman. Got my head spinning a bit for this "simple" transaction described :) view available tags
11	member 1/25/23 3:35AM Re: Re: Re: Update? 10
straw1023 you touched on it at the end of your message, but I think much hinges on what one considers excess cash in the business. Pity we didn't get a question on that in the... login to read the rest view available tags
10	member 1/24/23 6:13PM Re: Re: Update? 9
I do not believe you can use OCF (without adjustment) when IFRS 16 accounting is in play. So we need to subtract out $2mm IFRS 16 lease expense that comes thru the financing cash flow.... login to read the rest 2 view available tags
9	member 1/24/23 5:26PM Re: Update? 8
hey straw, thanks for shout out. I am curious where you get your 7x from. just going through TTM's they generated $24mm in OCF with about $1mm in CapEx (and most of that is probably... login to read the rest 1 view available tags
8	member 1/24/23 12:07PM Update?
Maiman and mm (from other thread), This has been a solid idea. Thanks for the write-up and follow-up from both of you. Your theses have been playing out nicely. Any updates after the Q4 results? Where do... login to read the rest 1 view available tags
6	member 9/19/22 9:22AM FCF & payments business
Hi Maiman. Thanks for bringing this idea to my attention - looks like an exciting prospect! I've also read the previous write-ups and associated message boards... there are still a couple of things that aren't... login to read the rest 4 view available tags
5	member 8/21/22 9:31AM Re: Re: Re: Thanks 4
I'd speculate that the Moneycorp CEO (Bob Dowd) is a tad stale on CXI given he left at the end of 2018. Since then, CXI has built the Canadian corp payments biz (started via acquisition... login to read the rest 3 view available tags
4	member 8/20/22 8:52AM Re: Re: Thanks 2
Thanks Goanywhere, very helpful additional information on both points. I didn’t realize there was a difference in payments rev type in Canada vs the US. I remember Randolph talking about the Jack Henry and Fiserv... login to read the rest 2 view available tags
3	member 8/20/22 8:51AM Re: Thanks 1
Yes, mm202, definitely did run out of steam a bit at end. Not sure if you saw the linked google sheet which has some very basic pnl forecasts -- haven’t thought too much about a... login to read the rest 1 view available tags
2	member 8/19/22 4:59PM Re: Thanks 1
Thanks for write-up. Agree with most things. Two small comments: - I think payments rev is mostly corporate, done out of EBC Canada sub, rather than the wire / check processing biz (mostly US via integrations... login to read the rest 2 view available tags
1	member 8/19/22 2:52PM Thanks
Thanks for a decent update/color Maiman. The airport and FBICS stuff is especially helpful. Was a little confused on estimates/valuation. I am in the ballpark for $58-59mm for 2022 and $72mm in revenues for 2023... login to read the rest -1 view available tags

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			2022	2023
Price:	13.50	EPS	1.17	1.43
Shares Out. (in M):	6	P/E	11.5	9.5
Market Cap (in $M):	87	P/FCF	0	0
Net Debt (in $M):	-83	EBIT	0	0
TEV (in $M):	4	TEV/EBIT	0	0

Description

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