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EML Payments (ASX: EML)

Currency in AUD

Last close As at 06/12/2023

AUD0.85

▲ −0.02 (−2.30%)

Market capitalisation

AUD318m

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 | Flash note

EML Payments — Shifting focus to solve current challenges

TMT | Update

EML Payments — Considering its options

TMT | Update

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

TMT

Equity Analyst

Katherine Thompson

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 (27.4) (26.1) 25.9
Relative (28.3) (23.6) 30.4
52 week high/low A$1.3/A$0.4

Financials

For its AGM on 29 November, EML Payments updated the market on trading year to date and progress with its strategic review and issued guidance for FY24 underlying EBITDA of A$52–58m (our forecast A$47.4m). The company confirmed its intention to focus on profitable, cash-generative businesses: Gifting and the Australian and UK General Purpose Reloadable (GPR) businesses. The loss-making European GPR business continues to work on regulatory remediation and EML has received several expressions of interest for Sentenial. We are reviewing our forecasts.

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 25.0 9.5
2023A 254.2 (2.6) (22.8) (4.869) N/A N/A
2024E 277.8 35.4 13.6 2.833 30.0 9.0
2025E 302.7 56.3 32.9 6.869 12.4 5.6

Research

Flash note

TMT

EML Payments — Shifting focus to solve current challenges

Update

TMT

EML Payments — Considering its options

TMT

Update

EML Payments — Turning the ship around
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Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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