CISN - Issuer Direct Has The Right Platform To Compound Value For Years
Investment thesis overview
Issuer Direct (ISDR) is a communication and compliance company that has been transitioning away from a declining services business to a high gross margin platform and technology repeatable subscription revenue business. I believe this change remains underappreciated by the market due to its small size, limited key performance indicator (KPI) disclosure and its legacy business masking the much more attractive emerging platform business. In addition, a surprise equity offering in August 2018 unsettled investors. Issuer Direct is led by a founder-CEO who has a 16% equity interest and has overseen