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FIN has been caught in the middle of the perfect storm. That's it. Cyber attack, NMC, coronavirus, share pledge news. Everything in a few weeks period. Now cyber attack is gone, NMC is being sorted, coronavirus is temporary. Share pledges are nothing unusual in today's business. If anything, Shetty will lose (or already lost) personally, not the company. If the books are not cooked (and why would they be) and 183m EBITDA figure in the first 9 months is correct, this has to re-rate at some point. Huge buying opportunities at these levels IMO.
KOH
Agreed the question is of trust. But they bought travelex 6 years for ago for £1billion. The market value of the combined Foreign exchange companies now under Finablr stands £488m, which is half of Travelex alone 5 years ago..This should have never come to this position except for the drag points i.e. association with NMC, pledged shares of BR Shetty and Travelex hack issue. Cant see them having the same complex financial arrangements similar to NMC. Selling the business will fetch a much bigger value IMO.
'Fin has a strong non exec '
Yes. They will be asking the right questions. Abdulrahman Basaddiq is also non exec for NMC and should be up to speed with developments. I guess all we can do is watch for an RNS. Cant see a supply chain issue same as NMC or that scale £m. But it is a question of trust..
Fin has a strong non exec and we can be certain they will be on top of their game. Eg. Bassam Hage is also on the international monetary fund audit committee. These guys hold themselves beyond reproach.
Last year accounts gave the "true and fair view" according to Ernst Young auditors. FIN drop is hugely overdone. It should never have dropped below 100p even including all the factors. Market overreacted. Shetty knows he needs to clear his name. Employed professionals, employed Freeh, NMC clearing the board. That's exactly what they should be doing. The sooner the better. Whatever it takes. Extended uncertainty creates much more damage than the bad news. In the meantime Travelex is back and running. Coronavirus is temporary. All the viruses are. Seasonal like flu and subside in the summer. Media add to panic instead of informing that the vast majority fully recovers and those who die are either really old or already had respiratory problems. Meanwhile at FIN 183m EBITDA in the first 9 months and almost guaranteed solid results in the last quarter (cyber attack & coronavirus happend after Christmas) + expanding brands. Full accounts around mid April. All the extremely negative scenarios are basically included in the current price. Amazing buying opportunities at these levels if one's willing to wait a while.
KOH
Got to hope that for FIn it just remains a question of the whereabouts of Shettys' holding and nothing more.
Let's not jump to conclusions. This actually can be a good sign. The sooner this will be cleared it up, the better. I'd rather have that now and the governance issues sorted asap than constant suspicions & damaging period of never ending uncertainty. That's exactly what they should be doing.
KOH
Yes looks like the rot goes quite deep. Just hope too much does not spread this way!
Shocking RNS just hit NMC Health, CFO on extended sick leave and CEO has been stood down
Yup, Saudi market is booming. Plenty of money around, young population. Great place to be for a digital payment provider.
KOH
Good initiative. Just need confirmation on the cash funding and share ownership and then lift off
Finablr network brand BayanPay – a Saudi based digital payments firm – has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA), allowing it to offer digital wallets, e-commerce and SME business payment products in the kingdom.
https://www.arabianbusiness.com/banking-finance/441229-finablr-eyes-saudi-expansion-after-bayanpay-licence-announcement
KOH