Either remediate PFS within 6 months by tangibly showing how,...

Either remediate PFS within 6 months by tangibly showing how, when, why or sell for book value of $140m which is 1.5x FY23 Revenue

If PFS is sold off the $70m is taken off $235m but so too is a large amount of costs (my guess is $80m currently with elevated levels of remediation).

if EML can do $165m in revenue and $40m in EBIT then it becomes a much valuable entity. It could even be higher if the interest rate on float continues to rise or remain as is.

$80m of debt paid off & $140 cash in the bank which gives scope to then go and buy into another vertical or complete a special divided to shareholders.

obviously it would be better to remediate and then go back to pre CBI issues but you can already see the company pivoting away from card & welfare payments and more so into Human Capital Management (ie salary packaging) which has less risk and less focus by the regulator.

who knows which way it will go but we’ll find out soon enough.

The Tyro offer the other month was circa $750m and EML is a far superior business in terms of verticals, markets and barriers to entry. Based on that it would be circa $2.10 but then you need to ask yourself, would the Senteniel guys want to walk away with negative equity (they received equity at circa $5 so you would think that they would be the ones wanting to get the company remediated and back to growth mode & SP recovery…..