My advice: Wait until the company starts to purchase, page-7

I have some comments and theories here:

• why hasn’t the buy back commenced?
• $26m inserted into PFS business to remediate card holder funds which returns to share holder each year until FY26, how much for FY23 (should be circa $4-$5m)
• do we have now have a $6m saving from Trace platform migration yoy
• Is the cost base run rate still on track for $131m annually
• Maybe emma is following through to simplify the business and a sale of part of the business is afoot. Possibly selling G&I segment business whilst rates are rising increases the value of stored float. Last year it delivered $30m ebit but this year it would have to $50m+ (the card Network recently sold for 8-9 x ebit). This alone is worth $1.50 in share price
• Sentenial/Nuapay earn out clause of circa $70m is based on this part of the business delivering $40m in revenue and $20m ebit for the 12 months to 31/12/23. Are they on track? Sentenial delivered $10m pro rate for FY22 so +$30m uplift needed within 18 months
• Interest rate on float update, should be $20m + EU float which we were waiting on regulator approval to invest (should be $30m+ in total and climbing.
• Sentenial fraud event of $7m, how much if any has been recovered? From memory there was $4m or so put aside for 12 months as insurance warranty. Can they make claim against this to offset any of the $7m?
• Irish regulatory update, are we commencing third party validation in Dec, jan or Feb? Noting this would likely take 2-3 months. Surely they can provide some context here
• Pipeline deal, conversion I guess would be less than historical 40% mark given inability to launch programs in certain jurisdictions
• new verticals & partnerships update (blockchain, transit, EU dollar project for instant payments)