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Tyro has an uninterrupted track record of strong growth since inception. It also seems to be gaining ground on the big four even though it still has some way to go. Its recent banking foray appears promising and could be a growth driver over the mid to long-term.
In my previous notes: Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate, and Tyro Payments IPO - Updates from the Prospectus - Some Good, Some Bad, I had looked at the company's past performance and highlighted some of the major concerns.
In this note, I'll talk about the valuations and some of the other aspects of the deal.
Tyro Payments IPO - Probably fairly valued but there is still the banking wild card
Tyro Payments (Tyro) plans to raise around US$170m in its Australia listing. Tyro is Australia’s fifth largest EFTPOS provider serving small-to-medium enterprises (SMEs) with payment solutions. The company is backed by some strong investors including Tiger Global and Mike Cannon-Brookes, who is the co-founder of Atlassian Corp (TEAM US).Tyro has an uninterrupted track record of strong growth since inception. It also seems to be gaining ground on the big four even though it still has some way to go. Its recent banking foray appears promising and could be a growth driver over the mid to long-term.
In my previous notes: Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate, and Tyro Payments IPO - Updates from the Prospectus - Some Good, Some Bad, I had looked at the company's past performance and highlighted some of the major concerns.
In this note, I'll talk about the valuations and some of the other aspects of the deal.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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