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EML Payments (ASX: EML)

Last close As at 24/04/2024

AUD1.06

▲ −0.02 (−1.40%)

Market capitalisation

AUD396m

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 | 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

TMT | Update

EML Payments — Looking to a brighter future
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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)

11.7

Forecast gearing ratio (%)

6

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (14.2) 15.3 46.5
Relative (13.3) 12.5 38.7
52 week high/low A$1.3/A$0.6

Financials

EML Payments announced that on 23 April the Financial Conduct Authority (FCA) in the UK lifted the new customer restriction for Prepaid Financial Services Limited (PFSL), which had been in place since October 2022. With the appropriate structure and risk management controls now in place, PFSL can focus on growing the business. This marks another positive step forward for the group, after exiting PFS Card Services Ireland Limited (PFS), agreeing to sell Sentenial and finalising the settlement liabilities for the PFS acquisition.

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 31.0 11.8
2023A 254.2 (2.6) (22.8) (4.869) N/A N/A
2024E 262.1 49.7 27.5 5.736 18.4 7.9
2025E 238.0 62.5 41.4 8.610 12.3 6.3

Research

Update

TMT

EML Payments — Cutting the final link to PFS vendors

Flash note

TMT

EML Payments — Sale of Sentenial agreed

TMT

Flash note

EML Payments — Growth cap lifted in the UK
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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