Emerchants’ has stable banking relationships with it’s UK & European banks that should be unaffected by the political uncertainty in the UK. Instead, we sees their expansion into the UK markets as an underappreciated opportunity. Based purely on the Australian operations that they have today with no future contract wins, Emerchants would look fully priced. However, when you begin to consider the size of the opportunity in the UK and the US, and the potential for new industry verticals the value becomes apparent. While the opportunity in the gaming market is generally well-understood, the “sleeper business” in the Emerchants story is Store Financial. Store Financial provides gift cards for shopping centres. While this might seem like a mature market, throughout much of Europe old-fashioned paper-based methods still prevail, and Emerchants is “a leader in card-based gift schemes”.