My guess is they will miss JP Morgan's revenue estimates. There is no evidence that processing margins increased (international is still minimum). with weekly updates on TPV, there is not much to surprise on the revenue front (since card processing fees are reasonably predictable and so are the terminal rentals).
It is reasonable to expect that their revenue increase will be closer to %age increase in transaction volumes.
Last year 1st half: revenue of ~115 million with transaction volume of ~12.1 billion. This year 1st half: transaction volume is ~15.8 billion and using the same ratio, revenue will be around 150 million. ------Lending income is a variable to may lift revenue upwards considering their loan origination levels are normalizing.
$161m as revenue for H1 looks a stretch and would be very happy if they meet.
What we don't know much is about EBITDA, Cashflow and NPAT. If the results reflect their intent of moving towards profitability (over revenue increase) then it confirms their recent statements and one can start making estimates on profitability levels.
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