...and after such a rebound, it is still not expensive.I do not...

...and after such a rebound, it is still not expensive.
I do not know if it can re-rate like they'd like, but the company has still a significant free cash flow yield based on FY 24 results (6.6 %), while there is a real potential of earning growth after FY 24 thanks in particular to the white label license (if it is confirmed) and the increase in interchange rates (probably an equivalent of price increase for them).

Main elements for me in these results :
- EBITDA 24 (27.4 m$) was 16 % above guidance, not due to revenue (in line with guidance) which shows a good cost control,
- all the EBITDA was turned into cash flow from operation (which was 30 % above guidance).

Regarding the visibility on their future cash flow, interesting to note that their new SBI contract (starting mid 2025) will generate over the 10 year contract cumulated revenues of 620 m$ and 280 m$ of EBITDA.
In other word, this contract alone will generate on average for 10 years the revenue and EBITDA they reached in FY 24.
They also mentioned initially that they were expecting an IRR of 35 %+ from this contract, which is in line with the average return they get per ATM.
As they also indicated that they get a cumulated FCF of 65 K$/ATM over the life of an ATM (in general), we can estimate that they should get a cumulated free cash flow of around 274 m$ during the 10 year life of this contract (= 7 years + 3 years of potential extension).
Not bad for a company which has an EV* of around 212 m$ now.

* the cumulated free cash flow can't be directly compared to the EV, as we would need to discount the expected free cash flow over the 10 year period.