EML +10.51%: a strong day for the payment card company, initially catching a bid with the broader tech sector, but spurred on with a strong contract win. Tech was well bid today as investors added duration to portfolios with bond yields falling. Mid-morning, EML announced it had secured a deal with Spain’s postal service to supply 500k preloaded cards, each with €500, totaling around $320m worth of deposits. The offer is for younger Spaniards to spend on cultural activities in the latest round of stimulus, and builds on similar products offered in other European countries which EML also administered. A strong win for EML as it continues to build its footprint in the continent.
MM is long and bullish EML in the Emerging Companies portfolio
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