|Over a week ago|
Ebix announces integration with AnnuityNet, SIMON » 08:2106/2306/23/20
Ebix announced an…
Ebix announced an integration with AnnuityNet, EbixExchange's order-entry solution for annuity transactions, and SIMON Markets and SIMON Annuities and Insurance Services. Designed to optimize advisor experience through increased efficiency and reduction of compliance risk, AnnuityNet fully automates the annuity transaction, including automated calculation of suitability scores and transaction routing through compliance workflows. This innovative partnership promises to tap into new markets for annuity sales by seamlessly connecting wealth management advisors on SIMON's cloud-based annuities platform to insurance carrier offerings, creating a simplified, end-to-end annuity sales experience.
|Over a month ago|
Ebix considers countersuit against Yatra following merger deal termination » 07:3406/0806/08/20
Ebix (EBIX) issued a…
Ebix (EBIX) issued a statement in response to the termination of the merger agreement with Yatra (YTRA). On May 14, 2020, Yatra Online, Inc., a Cayman Islands exempted company limited by shares, entered into an agreement with Ebix extending the outside date of the Merger Agreement, dated July 16, 2019, by and between Yatra, Ebix and EbixCash Travels Inc., a direct, wholly-owned subsidiary of Ebix to June 4, 2020. The Merger Agreement contained certain termination rights for Ebix and Yatra, including, among others, the right of either party to terminate the Merger Agreement if the Merger has not been consummated on or prior to the Outside Date. The Outside Date was extended to June 4, 2020 in order to provide the parties with time to determine whether they could reach mutual agreement on an amendment of certain terms of the Merger Agreement. After the expiration of the Outside Date and the failure of the two parties to agree on the terms of an amended Merger Agreement by the Outside Date, Yatra terminated the Merger Agreement on June 5, 2020 and filed suit against Ebix in the Delaware Court of Chancery for breach of contract. The company said, "Ebix worked diligently to fulfill its obligations under the Merger Agreement and thus strongly disagrees with the allegations set forth in the complaint. Ebix intends to enforce all of its rights under the Merger Agreement, and is currently considering all options, including a countersuit against Yatra, on account of multiple breaches of the Merger Agreement."
Yatra terminates merger agreement with Ebix, files litigation » 16:3306/0506/05/20
Yatra (YTRA) announced…
Yatra (YTRA) announced that it has provided notice of termination of its pending merger agreement with Ebix (EBIX) and filed litigation in the Court of Chancery of the State of Delaware over Ebix's breaches of the merger agreement. The complaint seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the merger agreement and an ancillary extension agreement and seeks substantial damages. Yatra said, "As detailed in the complaint, Ebix's conduct breached material terms of the agreements and frustrated Yatra's ability to close the transaction and obtain the benefit of Yatra's bargain for Yatra's stockholders."
Ebix shares and estimates 'have put in a floor,' says Craig-Hallum » 10:1905/1205/12/20
Craig-Hallum analyst Jeff…
Craig-Hallum analyst Jeff Van Rhee noted that Ebix reported quarterly results that "were well ahead" of his COVID-stressed estimates and believes forward-looking estimates and the shares "have put in a floor." COVID-19 indications in India in the last week point to resumption of business in many segments much sooner and at higher margins than he previously forecast, added the analyst, who keeps a Buy rating and $75 price target on Ebix shares.
Ebix price target lowered to $34 from $43 at BMO Capital » 09:0005/1205/12/20
BMO Capital analyst James…
BMO Capital analyst James Fotheringham lowered the firm's price target on Ebix to $34 from $43 and keeps a Market Perform rating on the shares. The company produced a cost-driven earnings beat in Q1, but he prefers more defensive names in the industry, including merchant acquirers and card networks, the analyst tells investors in a research note. .
Ebix not providing 2020 guidance » 08:4305/1105/11/20
Given the ongoing market…
Given the ongoing market disruption and worldwide lockdowns caused by the COVID-19 pandemic, and related uncertainty on timing and extent of recovery, the Company is not providing fiscal 2020 revenue and earnings guidance at this time.
Ebix reports Q1 adj. EPS 96c, two est. 86c » 08:4205/1105/11/20
Reports Q1 revenue…
Reports Q1 revenue $137.9M, one est. $152.85M. "We are pleased with these results in spite of the headwinds associated with the impact of COVID-19 on our worldwide businesses beginning March 2020. Despite the negative impacts from COVID-19, the Company is still reporting Q1 2020 GAAP EPS of $0.81, operating cash flows of $29.6 million and essentially flat revenues as compared to Q1 2019 on a constant currency basis. We believe that in times like this, our recurring revenue base, product diversity and customer stickiness strength gives us an edge over our competitors in the industries in which we operate."
Ebix price target lowered to $75 from $80 at Craig-Hallum » 08:4104/3004/30/20
Craig-Hallum analyst Jeff…
Craig-Hallum analyst Jeff Van Rhee lowered the firm's price target on Ebix to $75 from $80 to incorporate COVID-19 impacts, while keeping a Buy rating on the shares. The analyst sees shares as "a coiled spring" and likely to yield substantial returns coming out of the COVID-19 chaos.
|Over a quarter ago|
Ebix appoints Steve Hamil as global CFO » 07:3104/0804/08/20
Ebix (EBIX) announces an…
Ebix (EBIX) announces an addition to its leadership team with the appointment of Steven Hamil as EVP and Global CFO. Steve joins Ebix from Regions Financial Corporation (RF) where he began in 2013 as SVP and Managing Director covering the technology, media and communication and defense and government services sectors. Steve will start at Ebix on April 13, 2020 and will lead the global finance and accounting team reporting to Ebix Chairman, President and CEO Robin Raina. Robert Kerris will remain with the company reporting to Mr. Hamil and will oversee Ebix's SEC reporting and financial planning and analysis.
Ebix to be top performer as investors realize stock mispriced, says Craig-Hallum » 16:0003/2603/26/20
Craig-Hallum analyst Jeff…
Craig-Hallum analyst Jeff Van Rhee says that with COVID-19 surging, he is taking the opportunity to do a bottom up stress test of the Ebix model. Under the assumption that Travel revenue falls 90%, Forex falls 39%, and Professional Services falls 71% for all of 2020, the analyst still comes to $130M-plus in EBITDA. With that in mind, the current liquidity and Balance Sheet look to be on solid footing, he contends. Overall, Van Rhee believes Ebix will be a top performer in terms of stock price appreciation as investors come to realize how mispriced this asset is. The analyst maintains a Buy rating and a $80 price target on the shares.