Patience is a virtue. And fortunately the board of international payments & forex platform Equals Money has plenty of it.
Today they extended the “Put up or shut up” deadline again for another 4 weeks until 5pm Wednesday 17th April. Coincidentally one day after the FY23 finals are set to be released on the 16th.
Personally, I suspect this will be the last ‘drop dead’ date - given that Madison Dearborn Partners, LLC and/or any other interested buyers will then have reviewed the full 2023 audited results, from which to decide whether (or not) to make a binding/conditional offer.
The good news is that either way, trading continues to be strong with YTD’24 turnover reported to be up 28% YoY to £22.2m (vs £17.4m LY) thanks to improving revenues/day, 1st sales from Europe and “particularly strong growth from Solutions” which target larger corporates.
Indeed this increase is actually higher than my own FY24 projections (see below) of 19% top line expansion, which generates a valuation of 170p/share.
As such to me, despite the recent softness in the stock price, things are still looking positive.
Disclosure: I own shares in Equals Money (largest position) and the company is also a Vox Markets client.
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