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EML Payments (ASX: EML)

Last close As at 26/10/2024

AUD0.67

▲ 0.06 (9.92%)

Market capitalisation

AUD251m

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 quotes a total addressable market for prepaid cards of $1.8tn with a CAGR of c 18% from 2023 to 2030. With gross debit volume of A$9.6bn from prepaid cards in FY24, EML is well positioned to benefit from market growth as well as market share gains.

Latest Insights

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TMT | Update

EML Payments — Back to basics

TMT | Flash note

EML Payments — Growth cap lifted in the UK

TMT | Update

EML Payments — Cutting the final link to PFS vendors

TMT | Flash note

EML Payments — Sale of Sentenial agreed
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Anthony Hynes

    Chairman

  • Jonathan Gatt

    Group CFO

  • Kevin Murphy

    NED

  • Ron Hynes

    CEO

Balance Sheet

Forecast net cash (A$m)

37.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.1 (26.1) (39.8)
Relative 7.3 (28.3) (49.8)
52 week high/low A$1.3/A$0.6

Financials

EML Payments’ FY24 results were the first to show the full impact of the liquidation of PFS Card Services Ireland Limited (PCSIL). Continuing operations, which exclude PCSIL, saw gross debit volume (GDV) growth of 18%, revenue growth of 18% and underlying EBITDA growth of 34%. The sale of Sentenial has since completed with proceeds of A$53.4m, moving EML to a net cash position. Management is now focused on moving back to a growth mindset in the remaining business and optimising the cost base post the disposals. Shifting away from the medium-term targets given in February, management expects to disclose more at its AGM in November. We have reduced our FY25 forecasts to reflect the more modest EBITDA guidance and to remove the Sentenial business.

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 183.9 8.6 (9.6) (2.05) N/A 27.9
2024A 217.3 38.1 16.6 3.43 19.4 6.5
2025E 208.9 54.8 35.0 7.21 9.2 4.6
2026E 217.0 58.5 42.5 8.76 7.6 4.3

Flash note

TMT

EML Payments — UK regulator raises concerns

Update

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EML Payments — Strategic review for sustainable growth

Flash note

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EML Payments — New CEO launches strategic review

Flash note

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EML Payments — More work to do in Europe

Update

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EML Payments — Prepaid card contract win in Spain

Update

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EML Payments — Weaker European business drives downgrades

Update

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EML Payments — Improving outlook

Flash note

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EML Payments — Making progress with the Irish regulator

Update

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EML Payments — Reassuring Q1 update

Flash note

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EML Payments — Bringing Sentenial into the fold

Update

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EML Payments — Moving forward

Update

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EML Payments — Update on Q3 trading and regulation

Update

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EML Payments — Irish regulator raises issues

Update

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EML Payments — Open sesame

Update

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EML Payments — Showing the benefits of diversification

edison tv

TMT

EML Payments – executive interview

Initiation

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EML Payments — Storing up value

edison tv

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EML Payments – executive interview

QuickView

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EML Payments — Creating value from stored value