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Tuesday, November 10, 2026

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@AsifSuria

Asif Suria on X

The acquisition I have been asked the most about in the last couple of months is Western Union's $WU acquisition of International Money Express $IMXI Instead of responding to emails privately, I figured I would share some thoughts here. The deal in question is the $16 per share all cash acquisition of $IMXI by $WU that was announced on August 10, 2025 at a premium of over 72%. The stock currently trades well below the pre-deal price. There was no pre-deal rumor with this one. The spread/discount on this deal was initially massive (41%) because New York was withholding regulatory approval. The deal had already cleared federal antitrust. Then California came along and decided to review the transaction for a second time. This is the big holdup at this point and reminds me of the deal for Genworth Financial $GNW, which finally fell apart four years after it was announced. With $IMXI there were concerns that Western Union might not file for federal clearance (HSR) a second time after the first one expired a full year later. But Western Union in early October decided to file again and the spread recovered for a bit. The concern in the last few days and the double digit decline in $IMXI today is related to the outside date for the deal expiring today. The outside date (unless extended) is the absolutely drop dead date by which the companies have to complete the deal or they can walk. If Western Union decides today to extend the outside date, the stock will most likely rebound sharply even if California approval is still pending. Overall I don't participate in these kinds of situations but if were possible to hedge additional downside through put options that don't have massive premiums (they often do), this could turn out into a trade with low downside and high upside. My subjective probability that Western Union extends the date is 65%. The price action today in both $IMXI and $WU points to the extension not coming through. Obviously not investment advice and I have no position. I am wrong often.
@StableBread

Fajasy on X

Quantum $QMCO, the tape library maker, just reported a record backlog of nearly $100M as of September 30, more than double the record $45M as of March 31! $QMCO’s revenue rose 42.9% to $89.6M in the September quarter (fiscal Q2), $5.6M above the top of its $82.0M ±$2M guidance, and adjusted EBITDA of $11.1M beat the top of its $6M ±$1M guidance by $4.1M. Secondary storage, mainly tape systems, grew 126.2% from a year earlier to $44.7M, half of revenue, up from 32%, with hyperscale demand up more than 2.6x. CEO Hugues Meyrath said on the March-quarter call in June that $QMCO “should see a lot more tape drives” from $IBM, its drive supplier, in the September and December quarters, letting it convert its tape library backlog into revenue. Instead, backlog more than doubled, and Meyrath said on the September-quarter call that demand remained ahead of supply, “particularly media and tape.” He said $IBM’s “statement of direction” is to double its tape drive output year-over-year, but “we just don’t know how quickly IBM is going to ramp tape drives.” Chief accounting officer Hiral Patel added that revenue beat guidance “primarily due to price and volume mix,” and that she expects pricing volatility from component shortages “to remain a headwind going forward.” $QMCO guided December-quarter revenue to just $91.0M ±$2M, up 1.5% at the midpoint, and said any upside depends on how many components it can get. It also guided adjusted EBITDA down to $9.1M ±$1M from $11.1M, as operating expenses rise with commissions and R&D hiring. That revenue guidance still runs at $364M/year, above the $360M of FY2028 revenue (year ending March 2028) in the base case of my October 28 update. At $19.70/share after hours, close to the $20.25 in that update, $QMCO’s EV is 2.4x TTM revenue, down from 2.8x. It’s also 21.6x the December quarter’s adjusted EBITDA guidance, annualized, down from 34.4x the September quarter’s. So I read the quarter as $QMCO already running at my base case’s revenue, with the bull case’s $400M still depending on $IBM’s drive supply. What I’d want to see in the December-quarter results: 1) IBM: Meyrath saying $IBM’s tape drive output rose, since my bull case assumes it ramps early in 2027. 2) Backlog: Revenue above the $93M top of guidance and backlog below ~$100M, which would mean $QMCO is shipping orders faster than new ones come in. 3) Gross margin: Holding near the September quarter’s 41.0%, even though the guidance midpoints imply under 40% by my math.
@DOMOCAPITAL

DOMO Capital Management, LLC on X

Disagree. Irrelevant. $ZD sold a single business segment for more than its entire market cap and I'm not even sure it was 20% of total revenues. $CBIZ another example. If $MNRO is selling separate segments to separate entities then even less relevant. In regards to the dividend, that too, makes zero sense. Why would they get financing that carves out (excepts) the December dividend and then go ahead and cancel it? They're telling you they expect to sell the company by the time they report earnings again.

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