EML Payments (ASX: EML)

Currency in AUD

Last close As at 30/11/2023

AUD0.77

−0.33 (−30.00%)

Market capitalisation

AUD288m

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 — Turning the ship around

TMT | Update

EML Payments — Considering its options

Sector

TMT

Equity Analyst

Key Management

  • Jonathan Gatt

    Group CFO

  • Kevin Murphy

    Interim CEO

Balance Sheet

Forecast net debt (A$m)

28.7

Forecast gearing ratio (%)

17

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (30.0) (21.4) 13.2
Relative (32.2) (19.6) 16.3
52 week high/low A$1.3/A$0.4

Financials

EML Payments reported FY23 revenue and underlying EBITDA ahead of the top-end of its guidance range, benefiting from higher interest income and improvements to customer contracts in H223. The company is making good progress with its short-term priorities, and while the Barrenjoey strategic review is ongoing, management has started taking action to return loss-making activities to profitability and to reinvigorate growth in its core businesses. We have upgraded our forecasts to reflect better-than-expected performance in FY23 and identified cost savings.

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 22.7 8.6
2023A 254.2 (2.6) (22.8) (4.869) N/A N/A
2024E 277.8 35.4 13.6 2.833 27.2 8.1
2025E 302.7 56.3 32.9 6.869 11.2 5.1

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