Ann: Advance Notice - EML FY20 Annual Results Presentation, page-10

I can't see a dividend being paid here for at least a few years yet.

Remember they restructured the PFS deal to ensure they had $100m+ on the balance sheet to protect the business during COViD uncertainty and then provide opportunities for further acquisition. Further, don't forget the PFS acquisition now has two (from memory) deferred sizeable cash payments to be made to the vendors of PFS over the next few years.

Dividends are years away here and shouldn't be the focus.

EML has diversified their revenue base significant but they still have a large exposure to malls both in overall GDV but also and most importantly in the margin bps they derive from malls. Until there is more certainty around mall revenue (your guess is as good as mine) or EML's revenue from GPR grows significantly (will over time) and in turn lowering malls make up of earnings - they should be keeping plenty of cash on the balance sheet.

Really like that they are getting into the right spaces at the right time but I need to see some numbers here as the multiple is up there right now. She did me well last year and into early 2020 EML so will be happy to go again!

One I'm watching closely when they report.