EML Payments - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 |
Flash note

25.04.24

EML Payments — Growth cap lifted in the UK

TMT |
Update

12.04.24

EML Payments — Cutting the final link to PFS vendors

TMT |
Flash note

18.03.24

EML Payments — Sale of Sentenial agreed

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Update

05.03.24

EML Payments — Looking to a brighter future

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

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	(12.8)	19.2	46.5
Relative	(11.3)	16.9	38.7
52 week high/low	A$1.3/A$0.6

Financials

EML Payments announced that on 23 April the Financial Conduct Authority (FCA) in the UK lifted the new customer restriction for Prepaid Financial Services Limited (PFSL), which had been in place since October 2022. With the appropriate structure and risk management controls now in place, PFSL can focus on growing the business. This marks another positive step forward for the group, after exiting PFS Card Services Ireland Limited (PFS), agreeing to sell Sentenial and finalising the settlement liabilities for the PFS acquisition.

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	31.0	11.8
2023A	254.2	(2.6)	(22.8)	(4.869)	N/A	N/A
2024E	262.1	49.7	27.5	5.736	18.4	7.9
2025E	238.0	62.5	41.4	8.610	12.3	6.3

Research

Update

TMT

15.11.22

EML Payments — Irish regulator extends growth cap

Flash note

TMT

01.11.22

EML Payments — UK regulator raises concerns

TMT

Update

EML Payments — New three-year plan to transform the business

Update

TMT

09.09.22

EML Payments — Strategic review for sustainable growth

Flash note

TMT

30.08.22

EML Payments — New CEO launches strategic review

Flash note

TMT

25.07.22

EML Payments — More work to do in Europe

Update

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07.07.22

EML Payments — Prepaid card contract win in Spain

Update

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03.05.22

EML Payments — Weaker European business drives downgrades

Update

TMT

01.03.22

EML Payments — Improving outlook

Flash note

TMT

26.11.21

EML Payments — Making progress with the Irish regulator

Update

TMT

18.11.21

EML Payments — Reassuring Q1 update

Flash note

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30.09.21

EML Payments — Bringing Sentenial into the fold

Update

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20.08.21

EML Payments — Moving forward

Update

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14.06.21

EML Payments — Update on Q3 trading and regulation

Update

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20.05.21

EML Payments — Irish regulator raises issues

Update

TMT

14.04.21

EML Payments — Open sesame

Update

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19.02.21

EML Payments — Showing the benefits of diversification

edison tv

TMT

17.02.21

EML Payments – executive interview

Initiation

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21.10.20

EML Payments — Storing up value

edison tv

TMT

09.07.20

EML Payments – executive interview

QuickView

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17.06.19

EML Payments — Creating value from stored value

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

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25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

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29.09.21

Quantum dots – all the colours of the rainbow

thematic

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09.09.21

Micro-LEDs – small is beautiful

thematic

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16.08.20

Semiconductor winners – European companies with strong positions

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24.06.20

The small satellite market – Small is beautiful

thematic

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08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

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23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back