EML Payments: We Think Risks From Diminished Competitiveness Are More than Priced In

Shares of EML are up by around 15% year to date, outperforming the S&P/ASX 200 index, which is up in the low single digits. Much of the gains were made after April 9, 2025, following US President Donald Trump’s announcement of a 90-day tariff pause, as equity markets regained lost ground.