Nevertheless still good reminder of what the business is up to and where its heading. Also likely just a flag to holders- 'hey guys, the SP pullback is nothing to do with the business fundamentals, all is tracking as normal'...
Those proposed ebitda multiples are something ay... FND could 5x from here... if one was to believe it deserved those same multiples
It would have been reassuring to the market - reconfirming they are on track. Seen that reaction in SP.
It would have been reassuring to the market - reconfirming they are on track. Seen that reaction in SP.
tomorrow reaction to FY25 numbers will be interesting too.
1pm nz time is the call.
Instant success is a curse and a gift. The curse is you think luck is skill. The gift is you know it can be done. Then it’s a race to turn luck into skill before you lose it all.
Revenue $80-90m, EBITDA $30-35m AUD
FindiPay rolled out across 6 new states, acquiring 3,000 merchants per month
Advanced Due diligence on acquisitions
Smedley now executive chairman
IPO of TSI India on track for 2026
Strategic investments in Findipay, people, systems to support growth
FY25 not as good as i had hoped. Put down to ATM downtime. That is okay.
Can tell FY26 will be the year of riches.
The acquisitions.. I assume they are outside of this guidance. So potential for upgrades once they are signed off..?
I think current market cap is about right. maybe ~20% undervalued if you apply the 8x ebitda trick.
Last edited by Rawz; Today at 11:15 AM.
Instant success is a curse and a gift. The curse is you think luck is skill. The gift is you know it can be done. Then it’s a race to turn luck into skill before you lose it all.
Instant success is a curse and a gift. The curse is you think luck is skill. The gift is you know it can be done. Then it’s a race to turn luck into skill before you lose it all.
The call was great I thought and made me quite excited for the next 24 months.
Some key bits from the call:
- Any RBI price increase (expected this year) isn't included in guidance
- Acquisitions this year will add to guidance
- Digital (Findi-pay) is 10% revenue still. Negative EBITDA currently. Profitable at 100,000 merchants.
- Insurance now offered through merchants
- $2k one off cost required for each merchant (this must be rupee??). Then recurring revenue from there.
- ATMs depreciated over 10 years vs useful life 15 years
- Active discussions being held with leading Indian banks to utilize Findi-pay in branch. TSI ultimately targeting to run the branch (very interesting).
- Findi-pay sales team to double. Current run rate of 3000 merchants per month expected to grow significantly
FY25 is the year of investment, clearly. FY26 onwards should provide material uplift in revenue and ebitda.
If these guys can execute they will achieve a $600m-$1,000m market cap when it lists on the bombay stock exchange. this is compared to todays market cap of $192m
Instant success is a curse and a gift. The curse is you think luck is skill. The gift is you know it can be done. Then it’s a race to turn luck into skill before you lose it all.
Originally Posted by Rawz
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