Revolutionising the World of International Payments

Earthport Revolutionising the World of International Payments Earthport has developed a leading payment system for making cross-border retail payments on a truly global scale. The benefits offered by this system are unparalleled, making it the service of choice for a growing number of banks (Bank of America Merrill Lynch, Italbank), money aggregators (Western Union, American Express and Yandex.Money) and corporates (BB&T, IBM, Active Management Services and Hyperwallet). We expect Earthport to see considerable growth, particularly given the significant size of its addressable market, the lack of competition, the high barriers to entry and its ever growing market position. With Earthport securing a $10m investment from a member of the World Bank, continually expanding its network into new regions - most recently into Morocco, Latin America and Caribbean and India – and signing a number of big name clients in the last 18 months, we initiate coverage with a buy stance and a target price of 51p. Click to Download Full Report Table: Financial overview Year to 30th June 2011A 2012A 2013E 2014E Revenue (£m) 2.5 3.0 4.4 11.2 Gross profit (£m) 1.9 2.3 3.5 8.9 PBT (£m) (7.5) (9.6) (7.9) (3.5) EPS (p) (4.4) (3.9) (2.1) (0.9) Net (debt)/cash (£m) 3.3 5.8 12.8 9.9 Source: GECR and company Buy Target price 51p Key data Share Price 21.50p 52 week high/low 24.75p / 14.50p Primary exchange AIM EPIC EPO Shares in issue 385.28m Market Cap £82.84m Sector Software & Computer Services Important: All disclaimer information can be found on the last page of the document

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