DLX - Deluxe Is Cross-Selling First American And Achieving Profitable Growth

• Deluxe used to be a checks story, a service in terminal decline, and it still rather is.
• Deluxe has been acquiring into other segments, first with an ill-fated move into digital marketing services for small businesses, but now into merchant payment provision.
• While it has made its missteps, the Deluxe ecosystem is looking more attractive, with a decent amount of revenue synergies to salvage value from worse segments.
• The checks segment is now a smaller part of the mix.
• However, higher-margin of checks and low likelihood of a repeat performance is a problem, and the rate risk for Deluxe is too significant to permit investing.

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