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Date : 18/03/2021

Tyro Shares, a trend to watch closely

Tyro is Australia’s fifth largest merchant acquiring bank by number of terminals in the market, behind the four major banks. Payments are at the core of Tyro’s business and they use their proprietary core technology platform to enable credit and debit card acquiring. This offering is enhanced by features such as Point of Sale systems integrations, least-cost routing (Tap & Save) and alternative payment types such as integrated Alipay. While traditionally focused on in-store payments, Tyro has recently expanded into eCommerce as well.

More than 36,700 Australian merchants use Tyro as at 31 December 2020. Tyro revealed in their earnings report that they processed more than $20.1 billion in transaction value in FY20 and a record $12.1 billion in H1 FY21. Tyro shares were recovered very quickly from the pandemic and they were soaring for some time. It all came to an end early in 2021 when Tyro encountered terminal connectivity issues. The issue began on the 7th of January and it resulted in the share price crashing over 25%. However, Tyro terminals and tyro share price have recovered since then and it is now trading at $3.48 a share, amid a 31% return in the past month.

In addition to the recovery in terminal connectivity, Tyro also announced a positive performance for the half year FY2021. Some of the highlights from the earnings call are below:

  • Record 36,720 merchants choosing Tyro as their payments solution – up 13%(H1 FY20: 32,450).
  • Record $12.1 billion in transactions processed by Tyro merchants – up 10%(H1 FY20: $11.1billion).
  • Transaction Growth driving record payments gross profit of $54.3million–up 16%(H1 FY20: $46.8million).
  • Australia’s 5th largest merchant acquiring bank by terminal count – 68,338 terminals up 16% (H1 FY20: 58,993).
  • Statutory EBITDA $8.5million up 464% (H1 FY20: $1.5million).
  • Strong Balance Sheet with $165million in total capital + a capital ratio of 143% (H1 FY20: $179 million + 145%)

Tyro’s growth is imminent. Their payment platform has kept growing and they are gaining more market share every year.

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