International Money Express

IMXI is not a fintech app. It is roughly 100 000 physical retail agent locations — bodegas, supermarkets, check-cashers — across the US Sunbelt that send cash from Latino migrants to families in Mexico, Guatemala and El Salvador. Western Union has the brand recognition globally, but Intermex has the corner-store density where it matters: the Hispanic neighborhoods of Texas, California, Florida and Georgia.

The market hates this stock because it sees a legacy cash business getting crushed by Wise, Remitly and Revolut. The market is half right. Online remittance is growing 20 percent a year while Intermex grows 3 to 5 percent. But the half the market is wrong about is the customer: a $14 per hour day-laborer who gets paid in cash and whose mother in Oaxaca does not have a bank account either. That customer is structurally unbanked on both ends — and they walk into a physical store to send money. Intermex owns that aisle.

No publicly disclosed 13F whale position above 5 percent. Stilwell Value LLC (activist on small-cap financials) accumulated a stake in 2024 and pushed for buybacks — management responded with a $100M repurchase authorization, shrinking float by roughly 10 percent over 18 months. Insider ownership ~6 percent, CEO Bob Lisy founded the company in 1994 and still runs it.

At $15 with $0.85 trailing EPS and analyst consensus $1.78 forward EPS, the forward P/E of 8.6 is at the bottom of the financial-services small-cap range. EV/EBITDA 6.7 prices in zero growth. Tangible book is roughly $5 per share, so most of the market cap is goodwill from agent-network acquisitions — not pure cash flow earned today.

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I like deeply unloved compounders with a moat the market cannot see because it looks dirty. Cash-handling, bodega-counter, undocumented-migrant remittance is exactly that — a business that goes nowhere on a slide deck and prints cash. Forward P/E 8.6 with a 10 percent annual share-shrink is the kind of math that quietly doubles money over five years even if revenue grows 3 percent. The risk is regulatory headline shock; the reward is being early on a recapitalization. I treat IMXI as a 2 to 3 percent position in a value sleeve, not a core holding.