Key Takeaways from FY2019 result and $5.75 Valuation, page-5

the clip on GDV including Gift and Incentive must be calculated for the whole year. it stays around 630 bps now on average.

the Ebtda margins in 2nd Half on an underlying basis excluding one off costs were around 32%.

management indicated that should increase this year and beyond.

globally Payments companies at scale can earn up to 55% Ebtda margins.

EML should be growing half on half as all cylinders are firing. but the cost base won't increase that much.

I guess we will have to agree to disagree and we shall see who is right in a year from now or at the February results.