Monetisation

While I appreciate their rather good level of disclosure (cf for example DCF per ATM), Findi could probably do better to explain the monetisation of its business.
It is good to know that they install and operate ATM, but it could also be helpful to understand what are their main sources of revenues.

For example, it would be quite helpful to estimate the potential of interchange fee changes.
As this stage, it is difficult to know what part of their almost 1 billion customer transactions per year comes from customers of other banks.

If all their revenue comes from interchange fees in FY 24*, we can estimate that around 213 million of their transactions benefited from interchange fees (at Rs 17 per transaction).
In that case, an increase of the interchange fees from Rs 17 to Rs 20 would correspond to a revenue increase of 12 m AUD.
It would be significant as it corresponds to a revenue increase, with would go directly to their bottom line.
So, it would correspond to an increase of 18 % for their revenues and 44 % for their EBITDA (and probably as much for their cash flow).

Of course, if someone has more precise figures regarding their interchange fee revenues in FY 24, I would be happy to adjust the calculation above.

* I guess that they must have other sources of revenues.
Only element I was able to find about this : according to an article of stock head in May 2024, 90 % of Findi revenues comes from interchange fees (I was not able to have any confirmation from the company).