I hope some of these responses provide some clarity around your points, even if you don't agree with some of them.
1. The share price is important, but shouldn't be a concern if you are a medium/long term holder. Of course most stocks in the current market are depressed.
2. It's a complicated business because they mostly work behind the scenes in payments, which most laypeople have no idea how it works until they start reading about it. If its intentionally complicated, then EMLs business would have died many years ago.
3. Shares are diluted from PFS acquisition and shareholder-approved Employee Incentive Schemes. The future PFS business returns, and the deal renegotiation cost savings, should far outweigh any dilution concerns (in my opinion).
4. Total assets up 300%. Total liabilities up 340%. This was due to an accounting method used for the PFS acquisition to take into account the stored value on PFS managed cards (or EML cards) (or something similar to what I've written). An equal dollar amount was added to both the assets and liabilities sections in the balance sheet, which cancels itself out.
5. Peter Martin, an old bloke nearing retirement, sold a small portion of his shares in May for personal reasons. Tony Adcock sold $60k of shares. Not worth losing sleep over.
6. Good point about transparency. I'd like to see more news released about their smaller deals to be honest. But shareholders will get a business update before February, at the AGM at end of October. You also have a business update til end of July in the recent annual report. I think its fair to expect that EML wont provide guidance until there is certainty around malls reopening.
7. EML offer a payment service to other businesses. Of course they are reliant on others success. Coke is overly reliant on customers buying coke. Zip is reliant on customers using Zip at selected merchants where Zip is accepted. Thankfully EML are not reliant on any one contract or customer, which means they are less likely to have major sudden impacts to their bottom line.
8. I read about the PFS user reviews being rubbish. Despite that, the business is hitting new records even during Covid. Probably mostly because they are a B2B provider, and less of a B2C provider (ie- more of a back-end company for other businesses).
9. Yeh I read that PFS article. It was an irish article about an irish business wasn't it? Sounds nice and patriotic to me. The renegotiation of the PFS deal means that EML got PFS for a very competitive sum. If it wasn't renegotiated, then yes, it was probably quite a hefty price to pay.
10. PFS website is pretty crap, and needs updating, I agree. EML's website is not too bad. I'd like to see more recent Case Studies on EML's website, and a clearer delineation of the different verticals they are involved in.
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