Ann: Appendix 4E and Annual Report, page-18

Some good points and some not so good points

I like the extensive info on CBI issue , this is about as much as we could have expected. Consider that the PFS cartel case which was resolved in April this year took about 12 months to resolve.

Expansion in future GDV in year 3/4 has grown from $8.4B - $10.5B which is approx $103m in revenue. As a worst case in 3 years we’ll be achieving $300m revenue with no acquisitions along the way.

2 years worth of pipeline to be rolled out based on current implementation speed yet the continue to sign agreements

the complexity of the company along with the IP, infrastructure and relationships is amazing, >500 employees now and scaling for big things to come in future year

Guidance a little underdone but Tom always under promises and overdelivers. If they can get a good run at Xmas then it will be $265m+ and the EBIT number will be higher.

2 final comments:

1. EML currently trades on 6x FY revenue and 5x FY22 revenue. Name another Fintech on those multiples which is also profitable? I think Marqeta is trading on 20 x revenue

2. The document also looks like a great sales pitch. I wouldn’t be surprised now if EML is a take over target. Potential suitors have a clearer sight on CBI resolution incl timeline and $ cost. Also the valuation is so cheap vs global peers

watch this space in the next 6 months