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Tyro Payments (TYR) $1.68

A position we bought early on, and well, for the portfolio back in 2020 now feels frustrating given we have seen shares in the payments company have a crack at $4.40 on 3 separate occasions while it now languishes ~60% below its highs. Margins were in focus across the board in the latest reporting period, with any company hinting at a squeeze dealt a blow by the market & Tyro was no different. There are strong signs of growth though with weekly transaction updates showing continued momentum in transaction volumes, and app downloads, a strong indicator of merchant acquisition which is running above long term averages. While predicting margins is more difficult, the indicators we have visibility on are trending in the right direction.

NB, we like TYR and would be a buyer here if we were not so heavily exposed to payments already.

TYR
MM remains bullish TYR
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Tyro Payments (TYR)
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