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eServGlobal (ESG)

Business description

eServGlobal develops mobile software solutions to support mobile financial services, with a focus on emerging markets. It also has a 35.7% share in the HomeSend cross-border payments hub, alongside Mastercard and BICS.

Stock data

Market cap.£99.9m
Last close8.25p
High / Low (52 weeks)10.1p / 4.6p
Stock market listingLN, AU
Forecast net cash (A$m)29
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual52.836.4(16.2)
Relative *46.233.9(15.6)

* % Relative to local index

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Company news

Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2016A 21.6 (7.0) (17.5) (3.88) N/A N/A
2017A 12.2 (15.2) (27.5) (4.17) N/A N/A
2018E 11.3 (6.2) (14.0) (1.57) N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 25/01/2019

Investment summary

eServGlobal has announced that due to order slippage in the core business, it does not expect to reach operational break-even in FY18, with revenues expected of €7-7.5m versus a break-even cost base of €11-11.5m. We have reduced our forecasts to reflect the revised revenue outlook and increased EBITDA loss. We estimate that eServGlobal’s cash balance is more than enough to cover core business working capital requirements as well as expected investment in HomeSend capital raises.

Last updated on 01/02/2019

Industry outlook

eServGlobal's core business is focused on developing markets, where there is a higher prevalence of pre-paid contracts and unbanked citizens. Growth drivers include the shift to using the mobile phone for financial services and the increasing popularity of mobile peer-to-peer payments. Use of the HomeSend platform means that banks can bypass their correspondent banking relationships, reducing the cost and increasing the efficiency of cross-border payments.

Last updated on 01/02/2019

Key management

Andrew Hayward, CFO
John Conoley, Executive Chairman and Member of Audit Commit

Company address

Suite 5
30 Florence Street
Newstead
Brisbane
4006
Australia
+33 1 4612 58 85
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