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EML Payments Ltd EML

Rating as of

Morningstar’s Analysis

Currency in AUD
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Economic Moat


Capital Allocation


EML Initiation. Upside: Growth and Diversification. Risks: Competition, Regulation, and Execution.

Shaun Ler Equity Analyst

Analyst Note

| Shaun Ler |

We initiate on EML Payments with a fair value estimate of AUD 4.00 per share, no-moat, high uncertainty, and Standard capital allocation ratings.

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Company Profile

Business Description

EML Payments is a financial technology company that operates in 28 countries 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, and supplier payments. The firm operates in three segments: gift & incentive, general purpose reloadable, and digital payments.

333 Ann Street, Level 12
Brisbane, QLD, 4000, Australia
T +61 735571100
Sector Technology
Industry Information Technology Services
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 6