Australian (ASX) Stock Market Forum

TYR - Tyro Payments

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My pick for the March comp. A bet on an improved takeover offer landing.

I thought TYR was going to give an update on discussions with Potentia with today's results, but I see no mention.
 
POTENTIA WITHDRAWS FROM CHANGE OF CONTROL DISCUSSIONS

Sydney private equity group Potentia has walked away from Atlassian co-founder Mike Cannon-Brookes-backed eftpos payment provider Tyro Payments after months of due diligence.

The withdrawal follows two rejected offers by Potentia – a $1.27 per share bid September 7 last year, which was followed by a $1.60 per share offer on December 11.

Tyro said the board has been working with Potentia "in good faith" in the best interests of all Tyro shareholders over a period of many months to conclude a proposal.

"Potentia's decision to withdraw follows Tyro granting them due diligence, as well as extensive and advanced negotiation of material commercial terms and draft transaction documents," it told investors. "Tyro also worked with Potentia to develop processes that could potentially address regulatory requirements to reduce risk to Tyro by providing increased confidence of completion in a reasonable timeframe."

Tyro said its prospects remain strong as evident in its gross profit guidance upgrade last week to a range of $192m to $194m and earnings of $41m to $43m.

It is expected the withdrawal may spark questions from 12.5 per cent shareholder Grok Ventures, the company of Mr Cannon-Brookes, as well as Regal and other hedge funds who control about 7 per cent of the stock. Shares last at $1.54.
 
Wankers. ???

tyr1.PNG
 
TYR: my pick for the July stock picking comp...hoping for a re-bound off the current level.
 
bigdog said:
Expected to commence trading today 12:00 PM and shares issued at $2.75

Top 20 Holders (uploaded)
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Not a winner for Double Bay Jesus

... A $77 million block of Tyro shares traded after market close on Thursday, equalling 12 per cent of the company. The trade was done at $1.20 apiece by Canaccord Genuity, a small discount to Tyro’s $1.25 per share last close.

With Grok the only shareholder with a holding so big at Tyro Payments, fingers were pointing to it as the only possible seller
 
Dona Ferentes said:
Not a winner for Double Bay Jesus

... A $77 million block of Tyro shares traded after market close on Thursday, equalling 12 per cent of the company. The trade was done at $1.20 apiece by Canaccord Genuity, a small discount to Tyro’s $1.25 per share last close.

With Grok the only shareholder with a holding so big at Tyro Payments, fingers were pointing to it as the only possible seller
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Haven't seen a "change in substantial holdings" statement.

His interference has been an overall downer for most.
 
Today's AFR reports our Double Bay hero is pulling out of all listed securities , not just Tyro , to invest further in his private equity interests.
 
MovingAverage said:
more sydney harbour waterfront properties then?
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He's after aboriginal land for Sun Cable.

As well as Tyro, by 2019, Grok was invested in a wide range of technology companies including Alibaba, Zoom, Apple, Adobe, Salesforce, Amazon and Netflix – as well as ASX-listed Marley Spoon, Infigen Energy, NextDC and Redbubble.

Grok chief executive Jeremy Kwong-Law is prioritising investments in decarbonisation and technology.
 
Notice is out now for Cannon-Brookes' disposal. Doesn't seem to have done the share price any harm.

I see from a notice yesterday that Regal Funds Management picked up over half of Cannon-Brookes' shares. I don't know who they are or whether this means anything.
 
Tyro delivers EBITDA of $42.3M, generates positive free cashflow and net profit FY23 Highlights
• Gross profit grew 30% year-on-year to $193.2 million. • Transaction value increased 25% year-on-year to $42.6 billion.
• Record EBITDA of $42.3 million (FY22: $10.7m) and an EBITDA margin of 22%
. • First year of positive free cash flow as a publicly listed company generating $5.7 million.
• First-to-market release of Tyro BYO iOS app for Australian launch of Apple’s Tap to Pay on iPhone payment acceptance technology.
• Merchant numbers in Tyro core business grew 14%, including a 24% uplift in Health providers and 21% uplift in Services merchants, with total merchant growth of 8%.
• Strong take-up of business banking, with $149.7 million in loan originations (up 51% yearon-year) and $92.7 million in deposits (up 11% year-on-year). FY24 Outlook
• Continued growth expected driven by non-discretionary and new verticals, banking and product innovation, despite moderating spend in discretionary verticals.
• FY24 guidance: Transaction value between $45b – $47.5b, Gross Profit range of $206m – $215m and EBITDA between $52m and $58m.
 
UMike said:
Tyro delivers EBITDA of $42.3M, generates positive free cashflow and net profit FY23 Highlights
• Gross profit grew 30% year-on-year to $193.2 million. • Transaction value increased 25% year-on-year to $42.6 billion.
• Record EBITDA of $42.3 million (FY22: $10.7m) and an EBITDA margin of 22%
. • First year of positive free cash flow as a publicly listed company generating $5.7 million.
• First-to-market release of Tyro BYO iOS app for Australian launch of Apple’s Tap to Pay on iPhone payment acceptance technology.
• Merchant numbers in Tyro core business grew 14%, including a 24% uplift in Health providers and 21% uplift in Services merchants, with total merchant growth of 8%.
• Strong take-up of business banking, with $149.7 million in loan originations (up 51% yearon-year) and $92.7 million in deposits (up 11% year-on-year). FY24 Outlook
• Continued growth expected driven by non-discretionary and new verticals, banking and product innovation, despite moderating spend in discretionary verticals.
• FY24 guidance: Transaction value between $45b – $47.5b, Gross Profit range of $206m – $215m and EBITDA between $52m and $58m.
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wow…generating free cash flow…nice milestone ?
 
One of my picks for the 2024 comp.

Strange stock this one. It has had takeover interest twice in the last few years, but no sale. Perhaps due diligence turned up something nasty, but TYR still seems to be making headway.

Seems to be rebounding well from lows at the end of October.
 
Ferret said:
One of my picks for the 2024 comp.

Strange stock this one. It has had takeover interest twice in the last few years, but no sale. Perhaps due diligence turned up something nasty, but TYR still seems to be making headway.

Seems to be rebounding well from lows at the end of October.
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2021-22 was nasty. May have made a floor. Could be a turnaround story in 2024 perhaps... if they get a takeover maybe. Who has made an offer before?

Screenshot 2024-01-25 at 9.24.27 am.png
 
First bounce was interest from commbank.
Grocon was also interesed. I remember a $1.60offer being rejected about a year ago.
looks an accceptable offer now.

Used the product. Holder at some really low buy ins. but not confident yet.
 
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