Stock data
| Market cap. | £91.3m |
| Last close | 72.25p |
| High / Low (52 weeks) | 74.4p / 38.5p |
| Stock market listing | AIM |
| Forecast net debt (US$m) | 67.9 |
| Forecast gearing ratio (%) | 93 |
| Team | Technology |
| Sector | Technology |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 2.12 | 8.04 | 26.75 |
| Relative * | 7.13 | 16.91 | 39.3 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 61.5 | 9.9 | 3.3 | 2.8 | 41.6 | 17.0 |
| 2011A | 128.0 | 18.7 | 4.3 | 3.4 | 34.3 | 4.0 |
| 2012E | 146.1 | 22.0 | 12.8 | 9.2 | 12.7 | 8.6 |
| 2013E | 158.2 | 26.4 | 18.5 | 11.2 | 10.4 | 6.7 |
Last updated on 18/04/2012
Latest research
Independent processor
Outlook | Technology | 30/03/2012
Banking on NETBANX
QuickView | Technology | 24/01/2012
Investment summary
Optimal Payments (OP) starts 2012 with integration complete and positive momentum in the Straight Through Processing (STP) business. The high-margin Stored Value (SV) business provides a base of profitability augmented by the growing STP business, where a renewed focus on sales to win new customers combines with growth in existing customer volumes. With minimal forecast increases in opex and platform investment, we highlight the operational leverage in the model that could enable OP to grow its EBITDA margins to match its peers and hence rerate.
Last updated on 23/04/2012
Industry outlook
STP should benefit from the growth in its customers' transaction volumes and values. Online retail sales are forecast to continue to show strong growth: Forrester predicts US eCommerce revenue growth at a CAGR of 10% and Europe at 10.5% from 2010-2015, as more retail sales shift from on premise, mail order or telephone to online. The SV business depends on the growth in online gaming, and could benefit if OP is able to re-enter the US market.
Last updated on 23/04/2012
Key management
| Keith Butcher , CFO |
Company address
| Audax House Finch Road Douglas Isle of Man IM1 2PT United Kingdom View website |
