Ann: Sale of NZ business and assets, page-66

happy to help here:

SMP NZ business is mature with limited available growth. 110,000 total terminals. SMP has around 30,000.

the Australian business over the last 5 years struggled to grow since they were just a reseller of terminals. it took them 5 years to finally integrate into Cuscal 3rd party processing/switch network and become an acquirer.

this ability allows SMP to capture more of the transactional value but more significantly, allows them to compete on pricing.

retail merchants are quite price sensitive and finally SMP, since last year, is able to compete. this is the main reason we are witnessing these growth rates which will only accelerate.

there are a million terminals locally up for grabs. realistically around 300,000 are available to SMP (excludes Coles Woolworths and the like). the banks are not really focussed on this market so even if SMP takes 3% share or 30,000 terminals it wouldn't even matter to the large banks.

Tyro IPO will shed better exposure for SMP and may even acquire them in a year or two.

as you say, even after the recent pop, the stock is quite cheap !!