EML Payments Ltd

EML: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.00	Xwps	Hdhgfwh

EML Payments: Fortunes Turning Around

Shaun Ler

May 28, 2024

We believe no-moat EML Payments is better-positioned for earnings growth relative to the past three years, with the problematic Irish reloadable cards business, PCSIL wound down in January 2024, and regulatory compliance issues now resolved. Following the PCSIL wind-down, EML has repaid most of the debt associated with its reloadable cards subsidiary PFS, initiated the sale of its noncore digital payments business, Sentenial (expected to complete by the first half of fiscal 2025), and successfully applied for the removal of growth restrictions on its United Kingdom reloadable cards division, PFSL. Management is now unencumbered by distractions and can focus on expanding the business.

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