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DirectCash Payments Inc (DCI.TO)

HOLD
Manufacture no-name ATMs. Very viable business model. Reasonable balance sheet and a lot of insider ownership. 18% yield looks secure.
BUY
Operates ATM machines, direct debit machines as well as cash cards. Have a very small market share. Consolidating. Good business. Reasonable payout level.
COMMENT
Have one of the largest market shares for ATMs. Government is pushing banks to charge less on bank machine withdrawals, which can be a risk. Very well managed. Have a relationship with another company that he is not comfortable with.
SELL
In the cheque business. Has not been able to stem the decline of cheques. More US than Canadian and doesn't have the strong relationship with the banks. The strength of the Canadian $ has not helped them. High payout ratio.
DON'T BUY
Very well run company. An independent ATM business. You should see good growth for this company. Pretty fully priced at these levels.
PAST TOP PICK
(A Top pick July 18/05. Down 6%.) The relationship they had with Rentcash (RCS-T) is about 25% of their business, so this will probably slow down.
BUY
Debit cards and the white label ATM machines. Has done well. It will grow and will be able to raise its distributions. Very limiyed analytical coverage.
TOP PICK
Have ATM's in stores. 3rd largest in Canada. Now into selling cash cards which has tripled in growth. Expects them to grow another 100% next year.
BUY
They are doing well and the industry is fragmented so there is some opportunity for some acquisitions. Be wary that regulatory changes in the industry could hurt. If banks ever got pressured to reduce their ATM charges, this would hurt this fund.
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