It was just a few weeks ago that we took a look at specialized payments firm Flywire (FLYW), and with the stock dropping another 10% since then, now looks like the time to take action. I'm adding it to the Buy List today at $15.39, almost 27% below our fair value of $21.

There's not much to add since the review. Flywire is a payment processing solution for educational institutions, healthcare organizations, and (increasingly) business-to-business sellers. Its platform is tailored to these industries, offering a more integrated solution than the multi-purpose offerings from competitors like Adyen or PayPal. It has excellent recurring revenue characteristics (over 80%), good growth (5-year expected annual growth rate of 22% or higher), and a measurable switching cost moat (130% net revenue retention). There's no debt on the balance sheet, and cash flows are positive and trending higher. It is led by a 45-year old CEO with a decade plus of experience, who has been there pretty much since the company began generating revenue.

Flywire looks like good value at the current quote, and should provide investors a nice return over the next 2-3 years and beyond.

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