EML Payments’ focus on niche areas of the stored value payment card market is paying off, with strong revenue growth and expanding operating margins forecast over the next three years. Recent deals strengthen EML’s market-leading positions in the mall gift card and Australian salary packaging markets. Medium-term organic growth is supported by the roll-out of existing customers’ programmes, geographic expansion, the trend for customers to shift from unregulated vouchers to regulated e-money products, and the introduction of new digital solutions. Profitability should also be boosted by the shift to self-issuing. We expect organic growth to be boosted by further acquisitions.
