EML Payments - hero banner - 18062019 - JPG

EML Payments

AU: EML

Market CapAU$1176m

Last Close AU$3.15

EML Payments is a payment solutions company specialising in the prepaid stored value market, with mobile, physical and virtual card offerings. It manages thousands of programmes across 27 countries in Europe, North America and Australia.

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Investment summary

EML Payments reported a strong underlying performance in FY21 driven by volume growth in the General Purpose Reloadable division and higher breakage revenue in the Gift & Incentive business. EML is working with the Irish regulator to resolve the issues within PFS’s European operations. The company completed the Sentenial acquisition at the end of September. This deal will bring open banking technologies to the group, enabling EML to offer both card-based and direct-from-bank-account technologies to its customer base.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 121.0 32.5 21.6 5.489 57.4 42.0
2021A 192.2 42.2 30.2 6.579 47.9 22.6
2022E 235.3 60.8 43.3 9.175 34.3 42.5
2023E 290.1 88.4 65.8 13.922 22.6 14.5
Industry outlook

In terms of market size, US$1,848bn was loaded onto prepaid cards in 2019 and this is forecast to grow to US$5,511bn by 2027, a CAGR of 14.6% (source: Applied Market Research). EML is keen to gain share of this fast growing market, and as part of its Project Accelerator strategy to position the company at the forefront of payment-related technology, has made its first two investments via its FinLabs incubator.

Last updated on 20/10/2021
Content on EML Payments
EML Payments – Bringing Sentenial into the fold
TMT | Flash note | 30 September 2021
EML Payments - hero banner - 18062019 - JPG
EML Payments – Moving forward
TMT | Update | 20 August 2021
EML Payments - hero banner - 18062019 - JPG
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Share price graph
Balance sheet
Forecast net cash (A$m) 51.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (14.9) (16.9) (14.9)
Relative* (17.0) (19.1) (29.5)
52-week high/low A$5.8/A$2.8
*% relative to local index
Key management
Robert Shore Group CFO
Tom Cregan MD and CEO

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