INS - Intelligent Systems Corporation: Too Good To Overlook

• Goldman Sachs has provided CoreCard with what it lacked before - reputation. INS is now actively expanding its customer base.
• We expect revenues to continue to grow due to the addition of new customers. Investments in the processing infrastructure provide additional evidence of growth.
• ROE of the company is more than 20%. In addition, there is potential for its growth due to the growth of the debt burden.
• According to our estimate, the company is undervalued. On multiples, INS is also trading inexpensively.
• We are bullish on Intelligent Systems Corporation.

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