Tyro Chart Analysis, page-341

If solely considering revenue; Take Payments was at about $103M AUD turnover (revenue); Tyro at $429M as of June 23.

Whilst of course not direct comparisons, particularly considering the fact that Bendigo has its hands in the Tyro pie, the fact that Tyro has many verticals and it's solely payments, definitely lends strength to the valuation in my view.

One thing worth nothing though is that their profitability seems higher, at least based on the BS. Whilst of course Tyro was being aggressive in expansion, takepayments (at least as of 2022) had an EBITDA of just over $25.8M (AUD) based on that $103M (AUD) revenue. Tyro had $39.3M for the $429M. If having the same profit margin, Tyro would be expected to have about $100M of EBITDA! Not the same year of course (2022 vs 23),so different environments, but still showing that Take Payments probably has an edge somewhere in its valuation if comparing pound for pound on profitability. I'd want to buy the more profitable business at a higher price certainly.

I have faith, but time will be the true test of whether Tyro can increase or at least maintain its profit margin.

https://businessofpayments.com/wp-content/uploads/2023/04/takepayments-report-21-22.pdf - the takepayments numbers I am referring to. If making the comparison, potentially good reading...

I'm not a buyer at this SP, but I'm still very happy with my units I have invested in Tyro, and looking forward to a hopefully good couple of years.

* AUD conversion done at current exchange rate. Waters down the comparison but probably close enough to make the point...