Ann: White Label ATM Licence Update, page-38

With Piramal... it would be better for all of us shareholders if the debentures are repaid early. 16.7% dilution or whatever it is, is never good. The best thing about the Piramal thing is they set a real world value on TSI/FND. I.e. 8-9x EBITDA.

Ideally the company can fund its growth out of its own cashflow or utilising the balance sheet strength- I reckon they will be about net positive cash right now. So any new ATM wins can be funded via the balance sheet (i.e. new debt) and the leverage ratio can be kept under control with the strong cashflows. Remember each ATM pays for itself by year 3. And they run for 12 years with very little capex required apart from the initial year 0 charge.

My personal value on this is $4.20. I base this on 8x FY 24 EBITDA on the ATM business and 3x revenue on the FINDI-pay business. So its a strong buy for me right now (i cant buy any more as i hold a substantial portion of my portfolio in FND).

The next announcement should be confirmation of the white label license. I assume FND will also take the opportunity to provide us all with some colour of what this will mean for new income outside of FY24 guidance. Basically imo FND is still undervalued by 50% odd and this takes into account no income growth. And we all know there is going to be a lot of income growth with new ATM contracts and acquisitions. Lastly the sleeping dragon is FINDI-pay...