Tyro Payments: Rounding out a year of significant progress

About the author:

Richard Coles
Author name:
By Richard Coles
Job title:
Senior Analyst
Date posted:
30 August 2023, 7:30 AM
Sectors Covered:
Insurance, Diversified Financials

  • Tyro Payments’ (ASX:TYR) FY23 NPAT of A$6m (FY22 -A$30m) was above consensus of A$2m.
  • The mid-point of FY24 EBITDA guidance (A$55m) was 14% above consensus.
  • Overall, we saw this as a good result, without any large weaknesses. The key positive being TYR becoming both NPAT and free cashflow positive.
  • We lift our TYR FY24F/FY25F EPS by 12%-19% reflecting mainly increased assumptions around operating leverage. Our price target increases to (login to view).
  • We believe TYR now has good operating momentum and we remain encouraged by management’s heightened focus on driving improved profitability.

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