Goldman Sachs initiates coverage on Cuscal (CCL.AX) with a Buy rating and a 12-month target price of A$6. The thesis rests on significant projected EPS growth through FY30 driven by payment volume tailwinds and the integration of the Indue and Paymark acquisitions.
Key Takeaways
- 1.Initiate coverage of Cuscal at Buy with a 12-month target price of A$6.
- 2.Forecasted EPS growth of >2.2x between FY25 and FY30E, driven by transaction volume tailwinds and payment friction reduction.
- 3.Recent acquisitions of Indue and Paymark are expected to broaden the customer base, improve scale, and drive cost synergies.
Table of Contents
- Thesis in Charts
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Elijah Mayr
Securities
CCL.AX
Themes
M&A IntegrationPayments Industry Disruption
Regions
Asia PacificAustralia