In investing and analysis, it's best to avoid becoming enamored or "married" to one idea or stock. But I find that I'm hooked on a company called Ebix. I keep trying to find ways to punch holes in the story behind this company, and it's really hard. I am scratching my head about why the shares are so cheap. This just seems like a fast-growing company whose stock is priced cheaply. With a quarterly earnings call coming up on March 8 and the stock having pulled back 25% or so from its recent highs, it's a good time to take a look at Ebix shares. Ebix was formerly known as Delphi, but changed its name in 2003. It's focused on selling software and e-commerce software for the insurance industry. Many of its software products are customized, allowing insurance carriers to design systems for policy and claims administration. Since CEO Robin Raina has taken over as the CEO of the company in 1999, he's done a great job at growing the company. For example, the five-year revenue growth rate  is 39% and profits have grown 79% annualized. To put things in perspective, the company was doing just $30 million in business in 2006, but looks on track to do about $90 million in 2010. It has grown in each of the last five years, even through the recession. Raina, a native of India, has expanded globally and has driven the company into the Indian market, where they recently bought an office building. It also recently acquired a Brazilian tech company, so clearly emerging markets is a focus. The company was number 4 on Fortune's best small business list. Better yet, as an investment, the stock seems underpriced. You would think a company growing at these rates would be priced at a premium, but it's not. The forward P/E multiple is 13, though its quarterly profit growth rate (trailing twelve months) has been about 15%. It's got $32 million in cash and $64 million in debt on a $543 million market cap. The most impressive numbers are these: Operating margin, 41% and Return on Equity (ROE), 37%. Remember that the Rayno Report formula dictates that we look for stocks of fast-growing companies who trade at cheap multiples relative to earnings growth and ROE. Ebix meets these criteria. The stock was split 3-for-1 in Jaunary, and the shares have since experienced a sharp pullback. That's why I'm thinking of adding to my position here (I have owned Ebix since mid-2009. The more cautious investors might want to wait for the earnings next week to confirm that the trend of growth is in place. Keep in mind this is quite a small company that has very little sponsorship on Wall Street. Only one analyst covers the firm, with earnings expectations of $1.22 per share in 2010. If you give those earnings a 20X multiple, this stock could be trading toward $25 by the end of the year. (Disclosure: Long EBIX)