FINDI (FND) Indian ATM and Fintech business

[Rawz]

Nice analysis Rawz. I have modest holding. The November $37m sophisticated fund investment both underscores their potential and significantly derisked them - debt and potential dilution kept me on the sideline prior to that.

Of course in most countries ATMs are dying business, but the Indian market is very different. This video presentation by the Chairman is worth watching https://www.youtube.com/watch?v=t0uEgqIf6jw (if the link doesn't work, google "youtube webinar sharecafe fnd")

Thats is a good presentation. Nicholas Smedley talks well. He seemed reasonably confident in winning more ATM contracts. In the presentation he mentions that they are quoting for blocks of 2000-3000 ATMs. Historically (as per CBI ATM contract) 2,550 ATMs generated additional revenue of $27m p.a. and $12m EBITDA p.a. So its meaningful growth on FY24 guidance of $67m revenue and $23m EBITDA if they win even one of the tenders. And again if the white label licence is granted by the Indian reserve bank then this year could be very exciting for us shareholders.

Its worth noting that the 3 directors are also confident shareholders. They put their money where their mouth is by buying shares at every opportunity- unlike a lot of directors that often hold zero shares even though they have sat on the board for multiple years.. directors buying with money out of their pockets is a big vote of confidence.

18/10/2022
- $2.8m cap raise.
- directors subscribed for $550,000

06/03/2023
- $2.3m cap raise
- directors subscribed for $200,000

19/12/2023
- 1,087,000 options exercised by the directors
- $978,300 consideration