The market has reacted stupidly (again) to this latest rocket from the CBI. "Statutory" ebitda was -$10m that accounting trickery got to $13.9m, and they are guiding $26-34 but that is also a tricked up number, so true EBITDA might be $15m. The gift, Aussie and open banking business mark $45m, so by definition europe and head office are losing $30m a year.
tell the CBI to go shit in their hat, have them cancel the license, which is force majeure to exit all contracts, they keep $50m in dormancy, fire the team in europe and you're left with these other businesses with jo complexity, no regulatory issues making $45m a year....get a 10-12x multiple and the market cap is 2.5 that of today. But people still look at the small picture and not the big picture. I would pile into this if I had the money, which unfortunately I don't
unlikely the board would go in that direction but what I'm saying is every time the CBI kicks them in the teeth it's another reason to pull the plug, which is on our best interest
EML Price at posting:
52.5¢ Sentiment: Buy Disclosure: Held
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