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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.£70.8m
Last close5.85p
High / Low (52 weeks)13.2p / 5.8p
Stock market listingLN, AU
Forecast net cash (A$m)35.1
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(13.33)(19.3)(42.2)
Relative *(11.9)(11.5)(38.4)

* % 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 19.0 (0.3) (8.1) (0.96) N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 23/10/2018

Investment summary

eServGlobal has raised £19m from the placing of 304m shares at 6.25p per share, through a combination of a firm placing, an institutional raise and a retail offering. £16.25m of the net proceeds are being used to fund eServGlobal's share of an expected €50m capital raise by HomeSend, the JV in which it has a 35.69% stake. Management expects this raise will be used to develop in-house FX trading capability, deepen the HomeSend network and to provide float funding. The remaining £1.9m will be used to position the core business for sale.

Last updated on 26/10/2018

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 26/10/2018

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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