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.
More EML Payments content >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 and, subject to French regulator approval, expects to complete the Sentenial acquisition in 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 | 70.0 | 51.2 |
| 2021A | 192.2 | 42.2 | 30.2 | 6.579 | 58.4 | 27.5 |
| 2022E | 235.3 | 60.8 | 43.3 | 9.175 | 41.9 | 51.8 |
| 2023E | 290.1 | 88.4 | 65.8 | 13.922 | 27.6 | 17.7 |
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$5,511bn by 2027, a CAGR of 14.6% (source: Applied Market Research). EML is keen to gain share of this fast growing market, and as part of its Project Accelerator strategy to position the company at the forefront of payment-related technology, has made its first two investments via its FinLabs incubator.
Last updated on 17/09/2021Content on EML Payments
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Balance sheet |
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| Forecast net cash (A$m) | 51.1 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Robert Shore | Group CFO |
| Tom Cregan | MD and CEO |