Just revisiting some key points:
- Current share price of $1.07 gives us a market cap of $400m
- Sentenial selling for $54m brings EML into net cash position of $30m+
- Current underlying operating cashflow of $40m+ ex PCSIL
- Current underlying Free cash flow of $30m+ ex PCSIL
- Current annual interest revenue excl PCSIL of approx $45m
- FY25 ebitda estimates of $62m+ as per forecast from Edison Group assuming nominal customer growth of under 10%
Based on current share price this provides us with an estimated future enterprise value of under $340m at FY25 or an EV/EBITDA multiple of approx. 5.5
Recently, Nuvei received an offer circa 14x EV/Ebitda.
Further potentials
- FCA to lift growth cap on PFS UK
- $10-15m reduction in overheads by H2 2024
- Net FTE reduction of 10% by FY25 (current employee costs annualising at $90m+ but that's including PCSIL)
- Optimisation activities to improve Interest yield on float - currently @2.54%
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Ann: Initial Director's Interest Notice, page-8
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Last
89.5¢ |
Change
-0.035(3.76%) |
Mkt cap ! $335.7M |
Open | High | Low | Value | Volume |
92.0¢ | 92.0¢ | 88.5¢ | $1.951M | 2.159M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 12355 | 89.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
91.0¢ | 11388 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 12355 | 0.895 |
1 | 30000 | 0.890 |
6 | 40330 | 0.885 |
12 | 90671 | 0.880 |
3 | 62821 | 0.875 |
Price($) | Vol. | No. |
---|---|---|
0.915 | 20000 | 1 |
0.920 | 21080 | 2 |
0.925 | 21082 | 2 |
0.930 | 15048 | 1 |
0.935 | 21070 | 2 |
Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
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