Cardtronics Inc.

Thesis

Cardtronics is facing a secular decline in ATM usage as society moves towards a cashless economy, which is negatively impacting their core business. Despite management's optimistic projections of growth, the reality is that their returns on capital are diminishing, and they are struggling to find profitable investment opportunities. We project a price target of $20, indicating a potential downside of approximately 50% from current levels.

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