@wthdibnWthdibn, you seem to have a good insider knowledge of the global wirecard business which is fascinating and very informative..
Just to clear a few things up with your analysis of CCA and the very small part of the Wirecard business they bought..
The business CCA bought has been operating for over 30 years with Wirecard only buying it from the founders around mid last decade. Many of those 120 clients were customers well before Wirecard showed up.
WRT the Corecard connection..only Wirecard Munich had the working relationship with Corecard. The OZ/NZ business did not. There was only 1 company in Australia that used the Corecard product and that was through the relationship with Wirecard in Munich or Singapore. So Wirecard OZ/NZ did not take on that client relationship at any stage.
WRT to the CCA product mix, over 60% now comes from Credit Cards with the balance from Debit and Prepaid which was in a recent presentation which you must have missed.
The recent announcement with Pi Pay is to do with an old legacy bit of tech and out of the 120 clients, only Pi Pay was using. It was very non core for what the company is doing and it was an excellent deal for CCA and also a good deal for Pi Pay. The new platform CCA is developing will actually be more feature rich than what Marqeta are currently offering. Obviously CCA are not going head to head with the Marqeta behemoth but Marqeta is only targeting the very large customers that will make a significant contribution to its revenue line. Many many small and mid sized co’s wont be targeted by Marqeta. Even larger companies may be more attracted to CCA due to the product mix and how that is delivered.
On my calcs, CCA is trading on approximately 2.5x rev and hopefully with looking at the Sales pipeline in the most recent presentation that multiple may drop even further. Like you, I think CCA has a great future and am hoping some news will spark the share price out of its lethargy… thanks for your feedback. Happy to be corrected where you think my analysis may not be spot on.
Also.. one interesting aspect going hugely in CCA’s business development favour is the Wirecard OZ /NZ business did not do 1 bit of marketing. No sales person or BD people in the business. The contact with clients was all tech to tech people. The opportunity to cross sell the current and future product suite to the existing 120 clients must be immense. Im guessing this would also be relatively quick to implement compared to a completely new client.
Cheers
