The WAM Capital (ASX: WAM), WAM Research (ASX: WAX) and WAM Microcap (ASX: WMI) portfolios are currently a holder of Tyro (ASX:TRY), we fundamentally like the business and are happy to hold it regardless of a takeover offer. We believe that the market is currently undervaluing the intrinsic value of the business. They are expanding their lines of business which we believe will help them to grow their target market and this is being under appreciated by the market. We think their management team, led by Jonathan Davey, is strong and capable of executing their strategic objectives. While we would welcome a share price re-rate offered by a takeover, we also believe that the company can compound strong returns for our shareholders over the medium to long-term.
Beyond the press, we have no details on any discussions around the level of due diligence Stripe is conducting or the price that Stripe might be willing to pay, if they chose to go ahead. Tyro confirmed it has pulled out of its bid for Smartpay because their board wouldn’t engage with Tyro.
TYR Price at posting:
88.5¢ Sentiment: Buy Disclosure: Held
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