EML Payments Ltd
EML: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$7.00 | Vfw | Hpxygnrg |
EML Payments: Wind-Down of Troubled Irish Business Is a Big Positive
We lift our fair value estimate for no-moat EML Payments to AUD 1.00 per share from AUD 0.80, following the firm’s decision to wind down its troubled Irish reloadable cards business, PCSIL, with immediate effect. Our prior fair value estimate was based on an equal-weighted probability of either winding down PCSIL or retaining it, with the latter deemed significantly more value-destructive.