EML Payments Ltd

EML: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.95	Hkw	Ljskkqdf

EML Payments: Wind-Down of Troubled Irish Business Is a Big Positive

Shaun Ler

Jan 18, 2024

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.

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