PLX
Protalix BioTherapeutics, Inc. Common Stock
stock NYSEAMERICAN

Bought last week, fantastic value IMO. The recent poor performance is due to Brazil capping commissions and requiring interoperability, which hits PLX quite hard being 30% - but it's old news at this point and more than priced in. Even considering regulatory changes PLX are still forecasting stable revenues for 2026.
Unlikely this becomes an issue in their main market because Europe have already laid down their regulations under Payment Services Directive which addresses competition and interoperability. There are occasional noises from France and Spain about high commissions though.
Setting the concerns aside it is a very high quality business performing a service mandated by government, ensuring compliance with tax regulations, and fulfilling a popular social role both with employees and the restaurants/businesses they frequent as a result of the benefits. I'd score it an "A" for financial quality and think the current multiples are a joke even if the growth outlook is even worse than expected, so very high margin of safety

Bought last week, fantastic value IMO. The recent poor performance is due to Brazil capping commissions and requiring interoperability, which hits PLX quite hard being 30% - but it's old news at this point and more than priced in. Even considering regulatory changes PLX are still forecasting stable revenues for 2026.
Unlikely this becomes an issue in their main market because Europe have already laid down their regulations under Payment Services Directive which addresses competition and interoperability. There are occasional noises from France and Spain about high commissions though.
Setting the concerns aside it is a very high quality business performing a service mandated by government, ensuring compliance with tax regulations, and fulfilling a popular social role both with employees and the restaurants/businesses they frequent as a result of the benefits. I'd score it an "A" for financial quality and think the current multiples are a joke even if the growth outlook is even worse than expected, so very high margin of safety