Edison Investment Research - Wameja Limited (WJA) Restructuring ongoing

Report

Edison Investment Research

Katherine Thompson

Restructuring ongoing

Slower than expected trading combined with continued restructuring of the business in H117 has resulted in a reduction in our forecasts for FY17. Management is confident that the pipeline has strengthened and should support a pick-up in revenues in H217. The HomeSend joint venture (JV) has extended its application to the cross-border bank payments market, which should support its target to break even in CY17 and drive growth in the value of the JV.

05/07/2017 5 EN

Underlying

Wameja Limited

eServGlobal provides mobile money solutions which put feature mobile financial services for users, including mobile wallet, mobile commerce, recharge and agent management features. Co. invests in product development, using technology and aligning with the requirements of customers in 50 countries. Co. is partnering with MasterCard and BICS to build the HomeSend joint venture, an international remittance service based on Co.'s technology and enabling money transfer in over 50 markets. Co. operates in a single segment being the provision of telecommunications software solutions to mobile and financial service providers.

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AU000000ESV3 Australian Securities Exchange Australia

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Katherine Thompson

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Restructuring ongoing

eServGlobal - Break-even target reiterated

eServGlobal - FY18 core business outlook maintained

eServGlobal - Banking on HomeSend

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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