EML Chart, page-687

Speaking of EML & Tyro, they're both getting some hate today in the AFR

Speaking at the JANA Annual Conference on Thursday,First Sentier senior portfolio manager Dawn Kanelleassaid local payments company in particularly were trading on valuations too high to justify.

“Sometimes the market says it’s a payments company, and it basks in the reflective glory of businesses which have global platforms, and are scalable, given how big the market is.

“The payments sector has seen numerous disruptions and growth in the past few years but to generate the high growth experienced by the buy now, pay later sector, a payments company must have a larger presence and be highly scalable. Not all do.”

She said Tyro Payments and EML Payments drew similar multiples to Afterpay and other buy now, pay later companies despite having a much smaller growth outlook.

“Tyro and EML are niche players and lack the scale of the BNPLs,” she said. “But they bask in valuations not inline with their opportunities.”

(AFR) .com/markets/equity-markets/
not-every-tech-stock-deserves-a-glamour-valuation-20210916-p58s6p