We also had management present yesterday following EML’s result on the 18th August. The focus was on the PFS Card Services business given the regulatory issues they are having in Ireland. They have guided to EBITDA of $58-65m for FY22 which seems achievable organically. They expect to have the bulk of the remediation work wrapped up by the end of the calendar year with a few smaller issues resolved by March 22 while they have provisioned for some enforceable actions from the regulator CBI. Overall in good shape, the market seems to be pricing in a more dire outcome than the company is presenting.
MM remains bullish EML
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