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Wealth and Investment Management Smart Company Analysis 16 February 2017 equities absa.co.za www.absastockbrokers.co.za Net1UEPS Technologies Inc Acquisitions create growth platform but Sassa contract issue increases risk Equity Research Hold Background Net1 is a provider of alternative payment systems that leverage its Universal Electronic Payment System (UEPS) to facilitate biometrically secure, realtime electronic transaction processing to unbanked and under-banked populations in an online or offline environment.. Bull Factors Potential for massive growth in the mobile and web-based applications space Low penetration levels in emerging markets provide scope for growth EPE business growing rapidly Low earnings multiple but underlying growth is impressive Strengthening rand boosts translated earnings Bear Factors Sassa contract has to be terminated but it is unclear what will happen Court challenge by Sassa to stop company from processing debit orders on beneficiary bank accounts Customer concentration remains high Regulatory changes in South Korea has an adverse impact on its fee income Illiquid scrip 2 Please refer to important disclosure at the end of this document www.absastockbrokers.co.za equities absa.co.za Tel: 0860 05 04 03 Extract of the DCF model 2016A 2017E 2018E 2019E Operating profit ( m) Net opertaing profit after tax ( m) Working capital changes ( m) Capital expenditures ( m) Unlevered free cashflows ( m) 114.4 84.8 (10.2) (35.8) 76.8 120.1 88.0 (34.7) (50.4) 42.5 133.3 97.7 (17.8) (55.4) 67.9 154.6 113.3 (25.9) (63.8) 73.6 2 308.9 2 356.1 2 615.3 3 033.7 7.4 7.3 6.5 5.6 Headline earnings per share ZAR cents) PER (times) 3 Please refer to important disclosure at the end of this document www.absastockbrokers.co.za equities absa.co.za Tel: 0860 05 04 03 Intellidex Disclaimer: This research report was issued by Intellidex (Pty) Ltd..
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