Just revisiting some key points:
- Current share price of $1.07 gives us a market cap of $400m
- Sentenial selling for $54m brings EML into net cash position of $30m+
- Current underlying operating cashflow of $40m+ ex PCSIL
- Current underlying Free cash flow of $30m+ ex PCSIL
- Current annual interest revenue excl PCSIL of approx $45m
- FY25 ebitda estimates of $62m+ as per forecast from Edison Group assuming nominal customer growth of under 10%
Based on current share price this provides us with an estimated future enterprise value of under $340m at FY25 or an EV/EBITDA multiple of approx. 5.5
Recently, Nuvei received an offer circa 14x EV/Ebitda.
Further potentials
- FCA to lift growth cap on PFS UK
- $10-15m reduction in overheads by H2 2024
- Net FTE reduction of 10% by FY25 (current employee costs annualising at $90m+ but that's including PCSIL)
- Optimisation activities to improve Interest yield on float - currently @2.54%
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- Ann: Initial Director's Interest Notice
Ann: Initial Director's Interest Notice, page-8
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Last
92.0¢ |
Change
-0.005(0.54%) |
Mkt cap ! $345.1M |
Open | High | Low | Value | Volume |
92.5¢ | 94.0¢ | 91.5¢ | $763.1K | 826.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10588 | 92.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
92.5¢ | 18336 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 10588 | 0.920 |
1 | 2823 | 0.915 |
3 | 85778 | 0.910 |
3 | 14846 | 0.905 |
11 | 116661 | 0.900 |
Price($) | Vol. | No. |
---|---|---|
0.925 | 18336 | 4 |
0.930 | 18668 | 2 |
0.935 | 19740 | 2 |
0.940 | 31235 | 4 |
0.945 | 58559 | 4 |
Last trade - 16.10pm 27/06/2024 (20 minute delay) ? |
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