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EML Payments (ASX: EML)

Last close As at 18/04/2024

AUD1.00

— 0.00 (0.00%)

Market capitalisation

AUD375m

EML Payments is a payment solutions company managing thousands of programmes across 32 countries in Europe, North America and Australia. It provides payment solutions for banking, credit and disbursement services, earned wage access, gifts, incentives and rewards, and open banking and FX.

EML provides payment solutions for banking, credit and disbursement services, earned wage access, gifts, incentives and rewards, and open banking and FX. The company estimates it has a serviceable addressable market worth A$114bn, which is growing at c 7% pa. It estimates it has less than a 0.2% share of this market, providing plenty of scope for growth.

Latest Insights

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TMT | Update

EML Payments — Cutting the final link to PFS vendors

TMT | Flash note

EML Payments — Sale of Sentenial agreed

TMT | Update

EML Payments — Looking to a brighter future

TMT | Update

EML Payments — Major source of losses stemmed
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Jonathan Gatt

    Group CFO

  • Kevin Murphy

    Interim CEO

Balance Sheet

Forecast net debt (A$m)

11.7

Forecast gearing ratio (%)

6

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.6) 34.2 52.7
Relative (20.0) 30.2 47.2
52 week high/low A$1.3/A$0.6

Financials

EML Payments has entered into an agreement to settle all the outstanding deferred consideration payments relating to the acquisition of Prepaid Financial Services Group (PFS) for £15.0m/A$28.8m, which represents a £7.9m/A$15.2m discount to the originally agreed amount. This agreement concludes all outstanding actual and potential liabilities relating to the PFS acquisition in 2020. Combined with the agreed sale of Sentenial for A$54m, this substantially strengthens EML’s balance sheet and simplifies the group’s structure.

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 232.4 34.3 16.0 3.398 29.4 11.1
2023A 254.2 (2.6) (22.8) (4.869) N/A N/A
2024E 262.1 49.7 27.5 5.736 17.4 7.5
2025E 238.0 62.5 41.4 8.610 11.6 6.0

Research

Flash note

TMT

EML Payments — Sale of Sentenial agreed

Update

TMT

EML Payments — Looking to a brighter future

TMT

Update

EML Payments — Cutting the final link to PFS vendors
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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