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Currency Exchange International
(TSX:CXI)
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Rating:71Outperform
Price Target:
C$34.00
▲(12.40% Upside)
Action:Reiterated
Date:09/12/26
The score is driven primarily by solid financial fundamentals (strong profitability and low leverage) and a positive earnings-call outlook for payments growth and margin improvement. Technicals are supportive with the stock trading above major moving averages, while valuation (P/E ~29.9 and no dividend yield provided) and cash-flow consistency/margin compression temper the overall rating.
Positive Factors
Payments growth
Rapid payments revenue and volume growth, supported by new client onboarding and higher existing-client activity, is strengthening CXI’s business mix. A larger payments contribution can provide a scalable growth engine and reduce reliance on more cyclical consumer banknote demand over coming quarters.
Negative Factors
Travel-sensitive banknote demand
The banknote business remains exposed to travel conditions and geopolitical sentiment, which can reduce transaction volumes and demand for foreign currencies. This sensitivity creates a durable source of earnings variability, particularly when inbound travel or higher-margin exotic-currency activity weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Payments growth
Rapid payments revenue and volume growth, supported by new client onboarding and higher existing-client activity, is strengthening CXI’s business mix. A larger payments contribution can provide a scalable growth engine and reduce reliance on more cyclical consumer banknote demand over coming quarters.
Read all positive factors
Currency Exchange International (CXI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$182.78M
Dividend YieldN/A
Average Volume (3M)2.36K
Price to Earnings (P/E)29.6
Beta (1Y)0.20
Revenue Growth-5.96%
EPS Growth42.08%
CountryCA
Employees336
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)0.95
Shares Outstanding5,896,223
10 Day Avg. Volume2,359
30 Day Avg. Volume2,362
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.24
Price to Sales (P/S)1.45
P/FCF Ratio9.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.05
Revenue Forecast (FY)C$75.90M
Currency Exchange International Business Overview & Revenue Model
Company Description
Currency Exchange International, Corp., together with its subsidiary, Exchange Bank of Canada, provides foreign exchange technology and processing services in Canada and the United States. The company offers financial institutions, international w...
How the Company Makes Money
CXI primarily makes money from foreign exchange activities and associated service fees. A core revenue stream is the spread (margin) between the rate at which CXI buys a foreign currency and the rate at which it sells that currency to customers; t...
Currency Exchange International Earnings Call Summary
Earnings Call Date:Sep 09, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Strong payments growth, higher adjusted earnings, customer and distribution expansion, technology investments, liquidity, cash flow, and continued share repurchases significantly outweighed declines in banknotes and OnlineFX revenue, travel-related demand pressures, higher operating expenses, and lower nine-month reported profitability.Positive Updates
Q3 Revenue and Adjusted Earnings Growth
Third-quarter revenue increased by $1.1 million, or roughly 5%, to $22.4 million. Adjusted EBITDA increased by $220,000, or 3%, to $8.5 million, adjusted group net income increased by $1.3 million, or 31%, to $5.6 million, and adjusted diluted EPS increased to $0.93 from $0.68.
Negative Updates
Banknotes Revenue Decline
Banknotes revenue decreased by $700,000, or 4%, to roughly $17.2 million. The decline was primarily driven by temporary disruption from branch relocations and lower demand for exotic currencies with higher margins.
Read all updates
Q3-2026 Updates
Positive
Negative
Q3 Revenue and Adjusted Earnings Growth
Third-quarter revenue increased by $1.1 million, or roughly 5%, to $22.4 million. Adjusted EBITDA increased by $220,000, or 3%, to $8.5 million, adjusted group net income increased by $1.3 million, or 31%, to $5.6 million, and adjusted diluted EPS increased to $0.93 from $0.68.
Read all positive updates
Company Guidance
Management said it is “comfortable confirming” an expected “normal fourth quarter,” similar to prior fourth quarters, which are “better quarters of the year” than the “more softer” first and second quarters; it does not forecast publicly those numbers, but expects a “decent quarter,” while banknote activity “could likely” be “softer than normal” due to the wars and sentiment about travel from Canada to America. Payments are expected to see “additional growth” over “the months ahead,” with the payments-specific product line currently “pretty much above the 20% EBITDA margin,” and management said it is “comfortable with saying that we should see an improved margin over time as it continues to grow,” including the potential to “see EBITDA grow faster than revenue”; new correspondent relationships are expected to help negotiate bank charges or wire fees down “over the next quarter or two.”Currency Exchange International Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 75.72M | 72.38M | 85.24M | 81.95M | 67.50M | 30.57M |
| Gross Profit | 60.86M | 64.11M | 48.11M | 80.94M | 41.13M | 12.87M |
| EBITDA | 23.02M | 23.28M | 13.40M | 19.20M | 18.83M | 3.92M |
| Net Income | 10.00M | 10.31M | 2.47M | 10.19M | 11.78M | -1.13M |
Balance Sheet | ||||||
| Total Assets | 125.29M | 120.98M | 131.16M | 132.05M | 125.53M | 102.98M |
| Cash, Cash Equivalents and Short-Term Investments | 105.26M | 95.47M | 101.88M | 92.72M | 88.56M | 66.53M |
| Total Debt | 6.69M | 10.40M | 11.34M | 17.65M | 10.46M | 8.11M |
| Total Liabilities | 35.04M | 37.52M | 51.77M | 52.82M | 56.22M | 44.97M |
| Stockholders Equity | 90.25M | 84.67M | 79.39M | 79.23M | 69.31M | 58.02M |
Cash Flow | ||||||
| Free Cash Flow | 10.01M | 11.49M | 23.67M | -2.42M | 24.60M | 7.62M |
| Operating Cash Flow | 10.77M | 12.06M | 26.67M | -1.13M | 25.52M | 8.01M |
| Investing Cash Flow | -553.66K | -1.36M | -3.00M | -1.28M | -1.29M | -764.17K |
| Financing Cash Flow | -9.02M | -12.70M | -14.32M | 6.92M | 214.15K | -1.49M |
Currency Exchange International Technical Analysis
Positive
30.25
Price Trends
29.62
Positive
27.65
Positive
26.22
Positive
Market Momentum
0.34
Negative
58.70
Neutral
86.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CXI, the sentiment is Positive. The current price of 30.25 is above the 20-day moving average (MA) of 29.86, above the 50-day MA of 29.62, and above the 200-day MA of 26.22, indicating a bullish trend. The MACD of 0.34 indicates Negative momentum. The RSI at 58.70 is Neutral, neither overbought nor oversold. The STOCH value of 86.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CXI.
Currency Exchange International Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$176.05M | 2.95 | 28.56% | 0.37% | 21.60% | 216.25% | |
71 Outperform | C$182.78M | 29.64 | 6.81% | ― | -5.96% | 42.08% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
45 Neutral | C$88.71M | -21.55 | -5.04% | ― | -63.35% | -113.24% |
* Financial Sector Average
TSE:CXI
Currency Exchange International
31.01
8.51
37.82%
TSE:RICH
Raffles Financial Group
2.85
0.00
0.00%
TSE:PNP
Pinetree Capital
9.48
-3.12
-24.76%
TSE:XAU
GoldMoney
13.85
3.95
39.90%
Currency Exchange International Corporate Events
Business Operations and StrategyFinancial Disclosures
Currency Exchange International Sets Date for Q3 2026 Results and Earnings Call
Neutral
Sep 2, 2026
Currency Exchange International will release its financial results for the third quarter of 2026, covering the period ended July 31, after the market close on September 9, 2026. The timing underscores the company’s regular reporting cadence,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.