Findi (FND) Investor Presentation summary

Financial performance and growth

• Achieved record FY24 results: $66.5M revenue, $27.4M EBITDA (above guidance), and $4.0M NPAT, with strong share price appreciation and operational efficiencies driving growth.

• Operating cash flows reached $26.7M, up 471.7% YoY, with free cash flow to equity of $22.2M and net cash reserves of $37.6M as of March 2024.

• Exceeded FY24 EBITDA and OCF targets, with revenue and NPAT in line with guidance.

• Raised $48.3M to fund expansion, including $37.6M from Piramal and $10.7M from option conversions.

• Positioned to fund future growth, acquisitions, and capital expenditure with robust cash reserves.

Business model and operations

• Operates over 20,900 ATMs and a retail merchant network of 28,111, serving 49,000+ locations across India.

• Specialises in ATM deployment, management, and digital payments through FindiPay, targeting both large institutions and the underbanked.

• Secured a new 10-year outsourcing agreement with State Bank of India (SBI), expected to generate up to $620M revenue and $280M EBITDA.

• Obtained a White Label ATM (WLA) licence, enabling redeployment of 3,912 ATMs and incremental annual revenue and EBITDA.

• Focused on expanding FindiPay’s merchant base to 60,000 by FY25 and transitioning to a full-service B2C finance hub.

Strategic initiatives and market opportunity

• India’s large unbanked population (350M) and strong cash preference present significant growth opportunities for both ATM and digital services.

• WLA strategy and FindiPay ecosystem aim to create cross-selling opportunities and financial inclusion.

• Anticipated Indian interchange rate increase in FY25 expected to boost profitability.

• Strategic plan includes further acquisitions, expansion of WLA and FindiPay, and leveraging data for B2C offerings.

• Proposed IPO of TSI India on BSE by end of CY26 to unlock liquidity and value for shareholders, with Findi trading at a significant discount to peers (5.4x vs. 33.4x EV/EBITDA).