I really think you need to ignore the YoY and just pay attention to the amounts (currently) going through Tyro terminals......costs last year were much lower, margins higher etc etc.
What you need to work out is whether the TV is increasing each month, the margins on that TV and whether that covers the existing cost run rate.
This is what I have for the TV....been running at ~105m per day over the last 3 mths
The margins on that TV is ~0.91% so my estimate is that in 2H22, they are likely to hit revenues of ~164m and with a gross margin of ~46.5% you end up with net revenues of ~76m.
I'm still not clear on Bendigo sharing but even if expenses stayed the same as 1H22 (65m), you have and EDBITDA of ~10m which is not bad.
My sense is that they need to hit a TV of ~20bn for every 6 mths and educe their churn to make consistent profits.......perhaps by August we may get further insight into that (esp with 1H23 containing Nov/Dec with higher TV.....well subject to Aus not going into a recession and people panicked into spending less).
With all due respect, stop posting about last year.....irrelevant as the market is looking at now and the future
TYR Price at posting:
83.0¢ Sentiment: None Disclosure: Not Held
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