Tyro Payments: Rounding out a year of significant progress

About the author:

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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