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"EML Payments (EML) is a global player in the process of payments for companies worlwide. EML delivered a stellar set of results for FY17 with Gross Debit Volume (GDV) across the group of $4.42B (up 348%), $58M of revenue (up 149%) and $14.5M of EBTDA. More impressively was the cash generation of the business with operating cash flows of $19.3M. Management has guided to GDV of at least $7 to $8 Billion in FY18 and a net margin of circa 1%. With a relatively flat cost base and over 90% of its revenues sticky and recurring in nature, we anticipate close to 100% in earnings growth next year. The company has closed the year with just under $40M in net cash and no debt.
We anticipate net free cash to balloon to circa $55M next year providing the company with significant firepower to either acquire a complementary business or return cash to shareholders. We anticipate that the reloadable and Virtual payments divisions of EML to grow significantly over the next couple of years. EML is fast becoming into one of the highest quality global growth businesses on the ASX, with over 90% recurring revenue, a diversified customer base with over 1,000 programs under contract, and a global market opportunity worth over $3 Trillion (that’s Trillion with a “T”). EML is now of the largest holdings in the Fund and we value the business at $2.40 for FY18."


https://www.livewiremarkets.com/wires/5-small-cap-highlights-from-reporting-season

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