After a tough year dealing with the recovery from COVID and the European regulatory issue, EML Payments reported FY22 revenue growth of 21% (17% organic), underlying EBITDA down 4% and underlying NPATA down 1% y-o-y. The recently appointed CEO has launched a strategic review, with the outcome expected in November. Factors that could drive a return to an upgrade cycle and a re-rating of the stock include the resolution of the regulatory issue without imposing material growth constraints on the European business, clawback of the costs of the Sentenial fraud and the outcome of the strategic review.
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