Emerging Companies Portfolio – Amendments
We are making several changes to the Emerging Companies Portfolio today, repositioning towards stocks we believe offer a better mix of quality and leverage to the themes we remain confident in
EML Payments (EML)
EML $0.22
20 minute delayed
14 days free access
Join Market Matters and get full access to all our Opinion + Action
Performance
Advanced charting functionality with the ability to amend timeframes, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 0.22
- Change
- 0.00 (0.00)
- Bid / Ask
- 0.21 - 0.22
- Volume
- 928,734
- Turnover
- 203,579
- Open
- 0.22
- Day Range
- 0.22 - 0.22
- VWAP
- 0.22
- Prev Close
- 0.22
- Last Trade
- 30/10 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Technology
- Shares Issued
- 391,262,494
- NTA/Share
- 0.06
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 150.30
- EBITDA
- -54.24
- Profit
- -19.67
- Earnings Per Share (EPS)
- -0.05
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 84.12
- Price to Earnings Ratio (P/E)
- -4.23
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 214.60
- EBITDA
- —
- Profit
- 4.65
- Earnings Per Share (EPS)
- 0.01
- Dividend Per Share (DPS)
- 0.00
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- Narrow
- Financial Health
- Strong
- Uncertainty
- High
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 0.22 Fair value 0.35 One-star price 0.58
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 0.35
- Price / Fair Value
- 0.60
- Valuation
- Undervalued
- Uncertainty
- High
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (0.22) to the one-star price (0.58).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 0.21 |
| Price - 12 month high | 0.98 |
| Price - 12 month low | 0.19 |
| Pricing date | 23 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.86 |
| Market capitalization | 82.17 |
| 12 Month High price date | 24 OCT 2025 |
| 12 Month Low price date | 13 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.39 |
| Price - 1 Day % Change | 0.00% |
| Price - 13 week price percent change | -32.26% |
| Price - 26 week price percent change | -46.15% |
| Price - 5 Day % Change | -2.33% |
| Price - 52 week price percent change | -78.13% |
| Price - YTD price percent change | -77.30% |
| Price % Change Month To Date | -8.70% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.051 |
| EPS excluding extraordinary items - trailing 12 month | -0.051 |
| EPS Normalized - most recent fiscal year | -0.018 |
| Revenue/share - most recent fiscal year | 0.388 |
| Revenue/share - trailing 12 month | 0.388 |
| Book value per share - most recent fiscal year | 0.335 |
| Book value per share - most recent half-year | 0.383 |
| Book value (tangible) per share - most recent fiscal year | 0.058 |
| Book value (tangible) per share - most recent half-year | 0.086 |
| Cash per share - most recent fiscal year | 0.097 |
| Cash per share - most recent half-year | 0.155 |
| Cash Flow per share - most recent fiscal year | -0.068 |
| Cash Flow per share - trailing 12 month | -0.068 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | -0.140 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.051 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.051 |
| EPS including extraordinary items - most recent fiscal year | -0.051 |
| EPS including extraordinary items - trailing 12 month | -0.051 |
| Free Cash Flow per share - trailing 12 month | -0.102 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 0.54 |
| Price to Tangible Book - most fiscal year | 3.65 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | — |
| Price to Book - most recent fiscal year | 0.63 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | -2,047.55 |
| Net Debt, LFY | -1,674.51 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | -39.37 |
| LT debt/equity - most recent fiscal year | 65.66% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 68.67% |
| LT debt/equity - most recent half-year | 17.61% |
| Total debt/total equity - most recent half-year | 28.51% |
| Free Cash Flow - trailing 12 month | -39.37 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 150.30 |
| Revenue - trailing 12 month | 150.30 |
| EBITD - most recent fiscal year | -54.24 |
| EBITD - trailing 12 month | -54.24 |
| Earnings before taxes - most recent fiscal year | -17.99 |
| Earnings before taxes - trailing 12 month | -17.99 |
| Net Income available to common - most recent fiscal year | -19.67 |
| Net Income available to common - trailing 12 months | -19.67 |
| Earnings before taxes Normalized - most recent fiscal year | -0.03 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.02 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -13.09% |
| Net Profit Margin % - trailing 12 month | -13.09% |
| Operating margin - 1st historical fiscal year | -45.28% |
| Operating margin - trailing 12 month | -45.28% |
| Pretax margin - trailing 12 month | -11.97% |
| Pretax margin - 1st historical fiscal year | -11.97% |
| Operating Margin - 5 year average | -35.89% |
| Pretax Margin - 5 year average | -32.86% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -8.61% |
| Free Operating Cash Flow/Revenue, TTM | -26.19% |
| Net Profit Margin - 5 year average | -36.59% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | -0.76% |
| Return on average assets - trailing 12 month | -0.76% |
| Return on average equity - most recent fiscal year | -14.23% |
| Return on average equity - trailing 12 month | -14.23% |
| Return on average assets - 5 year average | -2.52% |
| Return on average equity - 5 year average | -27.71% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | -4.29% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | -5.64% |
| Growth rate% - Revenue, 3 year | -12.15% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -21.83% |
| Capital Spending growth rate, 5 year | 0.40% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
EML Payments (EML) $0.905
EML +7.74% the payments technology company was out with half-year results today with a choppy day for its shares following the update. Revenue was up 30% while EBITDA swung back into profit at $29.3m. The company recently put their embattled PCSIL business into liquidation, a move that draws a line in the sand for the embattled segment that has caused a myriad of compliance issues.
EML Payments (EML) $0.91
EML +22.15%: the payments tech company surged higher today after finally drawing a line in the sand with their PCSIL business which has been weighing on performance for some time. EML has brought in liquidators for the struggling unit, battling with regulators, client remediation and an outflow of expertise over the last few years.
EML Payments (EML) $0.98
EML +31.54% The troubled payments company delivered an update today that was well ahead of company guidance into a market that was ~6% short, and fireworks ensued! Revenue of $254.2m was up 9% and ahead the $239m expected driving an underlying EBITDA beat of ~20%. They are making progress on their strategic review and operational turnaround which has seen the stocks lift itself from the depths of despair. We have management in tomorrow and will provide additional colour from there.
EML Payments (EML) 52.5c
EML Payments has been a very disappointing position in the Emerging Companies Portfolio since we bought it in early 2021, however, it showed signs of life this week with a strong ~30% rally. It came following news of more restrictions from the Central Bank of Ireland (CBI) regarding their PFS Card Services business which has been under regulatory oversight for nearly 2 years.
EML Payments (EML) 58c
EML -9.38%: the half-year result for the payment solutions business was a tough one as regulatory pressure weighed on performance. Revenue was up 2% to $117m, a 5% miss, while EBITDA halved to $13.4m vs consensus at $15.8m.
EML Payments (EML) $0.68
The payments company hosted their AGM this week, with a number of key points coming forward that we believe justifies holding our position in the maligned stock. First and foremost, the Chairman was moved on following investor backlash. While not the sole reason for the underperformance, he, along with the previous CEO, skittled potential takeovers while the business was going backwards. On the operational front, there are signs of life. While regulatory caps remain in place with their reloadable cards business, Gross Debit Volume (GDV) which measures the volume processed through the group still managed to rise 8%. Open Banking has also continued to grow with a monthly revenue run rate of $6m in October, +50% in just 6 months. Higher interest rates are also benefitting income with interest expected to reap an additional ~$10m in FY23, around double vs FY22. While costs are up on the back of additional compliance and regulation, we see plenty of low-hanging fruit in the business to continue to drive growth, and at just, ~15x PE the market isn’t giving it much of a chance.
EML Payments (EML) 40.5c
EML -35.71%: the payment solutions company slumped to a near-10-year low today after further struggles with European regulators. This time the UK has taken action to stop the company from onboarding any new customers to their Prepaid Financial Services business in the UK on similar issues that the company is working with the Central Bank of...
Emerging Companies Portfolio
The portfolio was up +7.72% in the week, outperforming the S&P/ASX Small Ords index which rallied +4.06%. Cash in the portfolio fell to around 5% after we added Sandfire Resources (SFR) to the portfolio. The Copper miner was one of the standout performers in the week, rallying 16% since our purchase. Also supporting the outperformance was a 19% rally in lithium miner...
Emerging Companies Portfolio
The portfolio was up +1.80% in the week, strongly outperforming the S&P/ASX Small Ords index which fell. Cash in the portfolio is sitting at around 9%. Strength in Paladin (PDN) +20% and Lovisa Holdings (LOV) +18% drove the performance, more than offsetting weakness in Aussie Broadband (ABB) -15% and EML payments (EML) -9%. The portfolio was also supported by dividends from Bapcor (BAP) and Pinnacle Investment (PNI).
Action
Updated
26/07/2024
15:23
EML
Updated 26/07/2024 15:23
MM are selling EML in the Emerging Companies Portfolio, taking a loss around 90c
Updated
28/02/2024
17:10
EML
Updated 28/02/2024 17:10
MM remains bullish EML
Updated
19/01/2024
08:38
EML
Updated 19/01/2024 08:38
MM remains long and bullish EML
Updated
30/11/2023
08:20
EML
Updated 30/11/2023 08:20
MM is reviewing its position in EML in the Emerging Companies Portfolio
Updated
30/08/2023
09:27
EML
Updated 30/08/2023 09:27
MM remains long EML in the Emerging Companies Portfolio
Updated
05/04/2023
13:58
EML
Updated 05/04/2023 13:58
MM is neutral to bullish EML ~50c
Updated
22/02/2023
16:56
EML
Updated 22/02/2023 16:56
MM is neutral EML
Updated
30/11/2022
09:08
EML
Updated 30/11/2022 09:08
MM is bullish & frustratingly long EML in the Emerging Companies Portfolio
Updated
31/10/2022
16:51
EML
Updated 31/10/2022 16:51
MM is neutral EML
Updated
24/08/2022
17:13
EML
Updated 24/08/2022 17:13
MM is neutral EML
Business Summary
EML Payments is a financial technology company that operates across North America, Europe, and Australia. The firm builds the infrastructure for a customer to facilitate/accept payments via a prepaid card or in real time. It makes money primarily via clipping a fee on payment transactions. It also earns fees from breakage, inactive accounts, cash establishments, and interest on debit volumes. EML's payment solutions cater to a variety of applications including payouts, gifts, incentives, rewards, supplier payments, and more. The firm operates across three product offerings: gift and incentive cards, general-purpose reloadable cards, and digital payments.
Relevant suggested news and content from the site
Video
WATCH
Webinar Recording: Are commodities entering a Supercycle?
Recorded Wednesday 24th June @ 12.30pm
Podcast
LISTEN
Thursday 11th September – Dow off -220pts, SPI off -20pts
Daily Podcast Direct from the Desk
Video
WATCH
Buy Hold Sell: The 6 income stocks readers love, plus 2 expert ideas
Recorded 10th June 2026
Podcast
LISTEN
Wednesday 10th September – Dow up +196pts, SPI down -4pts
Daily Podcast Direct from the Desk
