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EML Payments (ASX: EML)

Last close As at 01/11/2024

AUD0.64

▲ −0.03 (−4.48%)

Market capitalisation

AUD254m

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 3.1 (28.0) (40.7)
Relative 4.5 (28.8) (50.9)
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 28.2
2024A 217.3 38.1 16.6 3.43 19.5 6.6
2025E 208.9 54.8 35.0 7.21 9.3 4.6
2026E 217.0 58.5 42.5 8.76 7.6 4.3

Research

Flash note

TMT

EML Payments — Growth cap lifted in the UK

Update

TMT

EML Payments — Cutting the final link to PFS vendors

TMT

Update

EML Payments — Back to basics
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Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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