Ebix Inc. (EBIX) is a supplier of software to the insurance industry and has been experiencing phenomenal growth over the past several years. The company still has a market capitalization of under $1 billion, yet has offices worldwide and is making strategic acquisitions very frequently to bolster its position and expand into new markets and services. As of Friday's (09/07/2012) close, Ebix was trading at a price of $24.44 per share. My investment strategy is to buy high quality companies when they are trading at a significant (> 25%) discount to their intrinsic value. Is Ebix currently a bargain? Let's find out.

Quality

First, let's establish that Ebix is in fact a quality company, that can be expected to perform consistently in the coming five years.

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