Paypoint Share Price (PAY)

Nice, all ex divi losses recovered after 1 day. Still well undervalued at 5.2 x EV/EBITDA and 73p EPS with a forward P/E of only 6.8 - 7.5.

Hopefully the Q1 on the 29/07/26 will be positive and show the underlying business is doing well, especially the Royal Mail Roll out with Collect+

With the continuing share buyback and if there are no other issues and growth continues apace, it will hopefully boost the share price. Patience will be rewarded here, especially after the Capital Markets day in September.

.wealthoracle.co.uk/company-results

PayPoint has launched the third tranche of its multi-year buyback programme, committing a further £25 million to on-market purchases running from today until no later than 31 March 2027. The move keeps the group firmly on track with its stated ambition of returning at least £30 million per annum to shareholders through to March 2028, and of shrinking the equity base by at least 20% over that window. Combined with the £5 million already deployed in the current financial year, the new tranche lifts expected FY27 buyback returns to £30 million. Progress to date has been substantive rather than symbolic: as at 30 June, £50 million had been deployed across the first two tranches, retiring 7.86 million shares and, together with the earlier consolidation, reducing the share count by 17.7%. Issued capital now stands at 59.9 million shares, with none held in treasury, meaning every share bought under the new mandate will be cancelled and drop straight through to per-share metrics. Investec is again running the programme on a non-discretionary basis, and the Takeover Panel has reconfirmed Asteriscos Patrimonial's innocent-bystander status, removing any Rule 9 overhang from a rising holding by passive drift. With the cadence of returns now well established, the read-across for investors is one of disciplined cash deployment against a shrinking float, supporting EPS accretion into FY28.

.wealthoracle.co.uk/company-results

Https://www.lse.co.uk/rns/PAY/paypoint-completes-acquisition-of-aperidata-strengthening-its-open-banking-capabilities-vcegjnqerznuv4s.html

Constantly strengthening the digital offering. Hopefully see a climb into H1 Results in July. Divi next week.

Are you really that obtuse? I was referring specifically to the capital reorganisation and the issue of 12 new shares for every 13 original shares plus the return of cash to shareholders, as would have been abundantly clear to any "... ordinary man on the Clapham Omnibus ...".

The share buyback program is an entirely separate issue and was instigated before the capital reorganisation. The question of whether or not the company should be borrowing to buy back shares in the Market may raise many of the same issues but it is nevertheless distinct from the capital reorganisation. Share buybacks do not constitute a capital reorganisation. For the sake of the uninitiated or the deliberately obtuse: share buybacks don't necessitate the issue of a new class of ordinary share capital to replace the existing class of ordinary share capital.

PS. None of your "... 3 major things ..." have done diddly squat for the share price, if you hadn't noticed. It's financial window dressing that was consigned to the waste basket in the 2000s. Markets are now fully cognisant with management trying to manipulate their financial metrics (which often benefit the terms of their LTIPs) and look under the bonnet instead.

PPS. Font of all wisdom, have you got your head around your "... the dividend payment is linked to EPS not debt ..." gaff yet? You've actually leant support to my contention that the DPS could/should have risen c8% (based on the capital reorganisation alone), additional financing costs aside. I argued just based on affordability but the increase in EPS does me just as well.

The fact that they haven't increased the DPS in line with the increase in EPS actually begs the different question of whether or not the company could have afforded to continue to pay a dividend at the same level without the capital reorganisation i.e. without the c8% boost to EPS would the BoD have continued to consider the dividend cover sufficient to warrant paying the same DPS.

My argument has always been premised on the basis that the cash cost of the company's previous dividend payouts was sustainable and the company never gave any indication in the accounts that this wasn't the case. However, if you follow your statement to its logical conclusion then the increase in EPS that has occurred because of the capital reorganisation and share buybacks should have given rise to more than a nominal annual increase in the DPS and the fact that it hasn't could be interpreted as suggesting that the company was over distributing before and would have been obliged to cut the DPS otherwise.