Pinned valuation:
With $8m+ of New Zealand credit union customers onboarding through FY25, CCA should inflect quite strongly into statutory profitability. I am forecasting $3-4m PBT, though admittedly how smoothly customers onboard and card activations ramp up, plus the potential for higher than expected investment in operating expenses means it is a moving target.
Nonetheless, taking the midpoint $3.5m and applying a 20x multiple supported by further growth in FY26 gives a valuation of roughly 11c.
Hi Wini, I agree with your comments however I'm more optimistic about where PBT will land.
Based on NZ card spending being up significantly, SE Asian rev, US rev kicking in as well & a $15 - $16m cost base.
Also as there are some $48m in accumulated losses the multiple might be a little higher.
I'm calling PBT to be $8m. Thus a share price north of 20c exiting this FY.