EML Payments - hero banner - 18062019 - JPG

EML Payments


Market CapAU$1285m

Last Close AU$3.84

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 28 countries in Europe, North America and Australia.

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Investment summary

EML Payments’ Q321 trading update confirmed that revenue for the first nine months of 2021 was 65% higher y-o-y and EBITDA was 62% higher (margin 30.5%). The company also gave an update on the regulatory issue in Ireland, confirming ongoing dialogue with the regulator. We have updated our forecasts to reflect one-off costs relating to this issue and revised the mix of revenue for FY21 based on Q321 performance, reducing our NPATA forecasts for FY22/23. The FCA recently approved the Sentenial acquisition; the approval process is ongoing for the French regulator (ACPR).

Y/E Jun
Revenue (A$m)
PBT (A$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 97.2 29.7 25.6 7.8 45.5 N/A
2020A 121.0 32.5 21.6 5.5 64.5 N/A
2021E 182.7 50.1 34.7 7.5 47.3 N/A
2022E 243.2 67.8 47.2 9.9 35.9 N/A
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 03/08/2021
Content on EML Payments
EML Payments – Open sesame
TMT | Update | 14 April 2021
EML Payments - hero banner - 18062019 - JPG
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Share price graph
Balance sheet
Forecast net cash (A$m) 45.1
Forecast gearing ratio (%) N/A
Price performance
Actual 2.0 (37.8) 10.9
Relative* 1.0 (40.9) (10.6)
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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