CA - Artko Capital - Currency Exchange Intl.:  Bringing Our CURN Boat To The River

2024-03-07 09:20:00 ET

Summary

• CURN was a good performer for us in 2023, up almost 11.0%, though down about 12.0% from its winter 2023 highs.
• We believe that continuing to build up cash on the balance sheet while the company is trading at 1.5X EBIT and generating high teens returns on capital was highly inefficient.
• Bringing "our CURN boat to the river" should begin to make the market appreciate the tremendous value of this company.

The following segment was excerpted from this fund letter.

Currency Exchange International ( OTCPK:CURN )

CURN was a good performer for us in 2023, up almost 11.0%, though down about 12.0% from its winter 2023 highs. Operationally, the year was a mixed but mostly positive bag. The company continued to grow its revenues, up 21.0%, on the back of strong 23.0% Banknote segment revenue growth, as the company continued to substantially expand its physical footprint, seen in the table below. Additionally, the strategically important Banknote Wholesale subsegment grew 31.0% in the United States, representing over 35.0% of overall revenues, reaching almost $30mm....

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