Cardtronics plc
CATM
pitch
short
Abheek Bhattacharya, Harsh Jhaveri, Ryan Kelly
Thesis
The short thesis for Cardtronics is based on declining cash usage, limited growth opportunities, and the loss of its largest customer, which will increase competition. The company is trading near its 52-week high and is overvalued at 25x FY16E earnings, with a target price of $30.3, indicating a 36% downside.
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