EML upgrade cycle coming !!

Quite a pleasing set of results reported. Cash conversion was the positive surprise. The skeptics have gone very silent... My prediction is EML will exceed consensus EBTDA of 26.5M by 10% next year. 29M is my guess. The Virtual Card division is exiting the year with considerable growth run rate which the market has not foreseen. I predict 100 new programs launched in 2019. This should add a further 0.5B in GDV which yields 100bps revenue and 90% GM. Expect further contract wins and 2020 EBTDA of 38M. Based on current market multiples for high growth technology stocks on the ASX, I see no reason why EML should not gradually re rate back to 20x EBTDA forward multiple. If that eventuates, the shares should reach $3 within 12 months. I'm extremely glad I own this company. Well done Tom.