EML Payments - hero banner - 18062019 - JPG

EML Payments

AU: EML

Market CapAU$1254.7m

Last Close AU$3.36

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

The latest correspondence from the Irish regulator clarifies the volume limits within which EML’s Irish-regulated subsidiary can trade while its remediation plan is being carried out. PFS Card Services Ireland (PCSIL) can sign new customers and launch new programmes as long as it stays within the material growth restrictions set by the regulator. This represents a step forward in meeting the regulator’s requirements and should allow the business to resume implementing programmes that had been put on hold. EML continues to target substantial completion of the remediation programme by the end of CY21 and full completion by the end of March 2022.

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 61.2 32.7
2021A 192.2 42.2 30.2 6.579 51.1 29.4
2022E 234.2 58.9 41.5 8.799 38.2 21.5
2023E 284.6 85.3 62.8 13.225 25.4 14.8
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 02/12/2021
Content on EML Payments
EML Payments – Reassuring Q1 update
TMT | Update | 18 November 2021
EML Payments - hero banner - 18062019 - JPG
EML Payments – Bringing Sentenial into the fold
TMT | Flash note | 30 September 2021
EML Payments - hero banner - 18062019 - JPG
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Share price graph
Balance sheet
Forecast net cash (A$m) 48.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 15.1 (19.4) (13.0)
Relative* 16.8 (16.8) (21.3)
52-week high/low A$5.8/A$2.7
*% relative to local index
Key management
Robert Shore Group CFO
Tom Cregan MD and CEO

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