SPY - Smartpay Holdings

[Muse]

Best guess for 1H FY23 (which moves around by the hour) is revenue $35.4m, EBITDA ~$9m (up ~150% on prior year) , and NPAT of ~$3m (up ~640% on PCP). That's the thesis - maybe buy a bit more if I'm right or close enough to it

Nice result and in line with what I expected. My revenue was identical to forecast, EBITDA (per their reporting regime) about 900k too high but my NPAT came in bang in line with actual. With something growing this fast every new set of financials helps to shed some light on where and at what level investment is being made. It looks sensible to me. Nice to see another 5% added to EBITDA margins. Good net cash generation.

Not as good as you Joshuatree only up a smidge under 50% but I'll take it, especially after moving this out of my higher risk / lower conviction NZX portfolio allocation (~15% total NZX holdings) to a core allocation this year (together with with BGP, CEN, EBO, FRE, GNE, HGH, MFT, SCL, SKL, SPK, SUM, and TRA, representing the balance). FWIW anything in the payments sector I reckon is inherently higher risk, but after doing the work was content with the growth/risk adjusted balance.

Disc. Decided not to pick up any more shares this AM - the market (eventually) clocked on too early after the 2Q KPI update (including myself where I added immediately post update). I'll be keenly watching the quarterly run rates from here and the SP in between updates. An investor in this (and all shares), not a trader.