FINDI (FND) Indian ATM and Fintech business

[Sideshow Bob]

Yes you would have thought so aye.. like no need for such a long halt if its a decline. Leaning towards positive announcement.

What's that guy saying on HC today....?? Probably saying the same thing???

[Rawz]

What's that guy saying on HC today....?? Probably saying the same thing???

I got a trophy the other day on HC. Not sure what that means but no doubt good internet points lol….

[Sideshow Bob]

I think this is good news.....no?? Although no announcement as yet.

https://www.afr.com/technology/payme...0240414-p5fjp2

ASX-listed payment provider Findi, backed by Wilson Asset Management and the Flannery family, is set to gain a licence enabling it to splash its name on thousands of branded ATMs across India.
The fintech junior’s stock is up 430 per cent over the past year and settled at $3.20, earning it a $168 million market cap, before it went into a trading halt on April 11. “The market is starting to understand the opportunity we have in India,” Nicholas Smedley, Findi’s chairman, said. “We have significant Australian-based funds investing in the company.”

Findi won a contract to supply the State Bank of India with over 4000 ATMs last year. Bloomberg
Late last year a pre-IPO fund of Indian tycoon Ajay Piramal’s Piramal Group invested more than $37 million in Findi’s Indian subsidiary, TSI India, via convertible securities that are designed to turn into equity in the event of a float.
People familiar with the matter said TSI India has now been granted provisional approval for the licence that will allow Findi to deploy its own branded ATMs across the economy.
The company expects to rebrand about 4000 ATMs which it already operates for the State Bank of India during the 2024-25 financial year. It owns and operates 12,000 ATMs for large financial institutions such as State Bank of India and the Central Bank of India.

The seven-year contract with State Bank of India comes with a three-year extension. The bulk of Findi’s operations are in India.

Findi said the contract will offer between $500 million and $620 million in revenue were it to last for 10 years. “Locking in significant revenue and earnings for the next 10 years means Findi is now even better placed to take advantage of India’s transition from the cash economy into the digital economy over the next decade and beyond,” Mr Smedley said.

The company also offers digital payments and banking solutions. Mr Smedley said the subsidiary has aspirations for a listing in 2025 or 2026, possibly on the Bombay Stock Exchange.

The Piramal transaction valued TSI India at $190 million and the fund has captured investment from Canadian pension funds, according to Mr Smedley. “They did significant due diligence and this is an endorsement of our strategy,” he said.

Explaining the valuation, Mr Smedley previously said “[it] was based on effectively a 10 times multiple on last year’s earnings”.

Findi was previously known as Vortiv. In 2020, Vortiv sold its cybersecurity business to CyberCX, which has won Australian government contracts.

[Rawz]

thanks for sharing Bob. Looks promising. D Day today. If bad $2.80sp. If good $4

[Sideshow Bob]

Ohhhhh yeahhhhhh.........

https://cdn-api.markitdigital.com/ap...95323-3A640548

[Rawz]

Good news. But why such a long halt? lol
No financial news. Bit of a fizzle imo

[Rawz]

Oh i missed this part:

“Securing a White Label ATM licence is also a key pillar for our strategy of becoming a full Indian transaction bank, as well as positioning us to participate in the long-anticipated industry consolidation and to complete well advanced acquisitions.

[Sideshow Bob]

Oh i missed this part:

“Securing a White Label ATM licence is also a key pillar for our strategy of becoming a full Indian transaction bank, as well as positioning us to participate in the long-anticipated industry consolidation and to complete well advanced acquisitions.

Another (great) step down the road.....but yeah, why did that need a trading halt, especially for a couple of days?? Unless was leaky - AFR article published before the announcement so it might have been out.

[Rawz]

SP down on ho-hum announcement.

Halt too long for nothing burger.

Shame.

[Sideshow Bob]

SP down on ho-hum announcement.

Halt too long for nothing burger.

Shame.

Probably white label ATM license already baked into the share price.

But a fizzer......