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CABP Cab Payments Holdings Plc

138.00

0.20 (0.15%)

10 May 2024 - Closed

Delayed by 15 minutes

Cab Payments Investors - CABP

Share Name	Share Symbol	Market	Stock Type
Cab Payments Holdings Plc	CABP	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.20	0.15%	138.00	16:35:00

Open Price	Low Price	High Price	Close Price	Previous Close
140.80	135.60	140.80	138.00	137.80

more quote information »

Industry Sector
PHARMACEUTICALS & BIOTECHNOLOGY

Top Investor Posts

Top Posts
Posted at 06/5/2024 00:14 by davidosh We have invited Cab Payments to Mello2024 to do presentations as I really think they need to meet individual investors and engage in person so we can understand more about the business, Clearly institutional holders sold out in a big way in September last year and it has been individuals investors like us that have taken up the stock so important to meet some of us. For the whole of this long weekend any investor buying a ticket for the Mello2024 event will be given the bonus of being able to bring a friend or family member completely free of charge. Worth getting a friend to join with you and halving the cost maybe... Will end at market open on Tuesday as it is a bank holiday weekend so plenty of time to connect Mello2024 investor conference takes place on the 22nd and 23rd May Do come and join us....another six companies added to the list today and another six to be announced on Monday. We want to keep this important face to face engagement with companies going and it has been tough since Covid as many directors just want to do webinars as their only token offering to investors. If you want to ask private questions or check out body language it is impossible on webinars and investors need to network with each other too. Please support us and encourage companies/ management teams you are in contact with to come along to Mello2024 in Chiswick on 22nd or 23rd May Mello2024 – Mello Events If you have never been to one of our two day conferences before then clearly you are missing a great opportunity to engage with management teams and also network with hundreds of likeminded investors so we are offering virgin tickets at just £30 for either of the days so that you can see what it is all about.....a big discount from £99.00 and if you do not agree having spent the day with us I will give you an annual pass to our virtual shows on top. I just want investors engaging with all these quality smaller companies. This offer is only if you have never attended before so please be fair to all those who pay much more.... Simply enter the code NEW2MELLO24 BUY NOW: Read Full Thread Reply
Posted at 10/4/2024 06:20 by muffster London, this will probably be Helios doing a lot of beauty parades, bringing in new institutional investors ready for profitable exit in 2025. The future with banking licence, large institutional investors on board looks positive...I share your view Read Full Thread Reply
Posted at 02/4/2024 16:00 by the millipede mw There is a presentation on Helios website. DYOR etc. But also a largely positive write up on seeking alpha (I think everyone gets a free article if you want to read it without paying) which states: “Helios owned 41% (after IPO) and, according to their last investors presentation, they plan to sell down their fund III positions by the end of 2025. This poses a short to medium-term risk but may turn into a catalyst thereafter. It is necessary for Helios to exit their position so CAB can apply for CHIPS (Clearing House Interbank Payments System) access and obtain $USD clearing capabilities.” Read Full Thread Reply
Posted at 26/3/2024 07:13 by bigwadds A presentation webcast and live Q&A conference call for analysts and institutional investors will take place on March 26th 2024 at 9.30 am UK Time, and a webcast of the presentation will be made available on the Group's website at Investors Home (cabpayments.com), where you can also register for this event. Read Full Thread Reply
Posted at 16/2/2024 10:04 by london07 An Company (listed on AIM lol) announced starting dividends yesterday. Now 60% up in 2 days!!! Valued on every metric multiples of CABP 🤦‍a94;️🤔 Not only shows how chronically undervalued CABP is. When Dividends are announced here shows a new type of investor jumps onboard. CABP will see pension funds/institutions scrambling to load up, and it's Premium Listed so ticks all the boxes. Exciting times. With the serious accumulation, IMO we will reach an inflection point whereby things will rapidly move, esspecially with CABP super tight free float. Investors hoovering up a cool £1m in just a single trade, free float gets ever more tighter.... Read Full Thread Reply
Posted at 02/2/2024 07:47 by foreverbull Https://seekingalpha.com/article/4666496-cab-payments-pe-of-5-while-growing-more-than-25-percent-a-yearCAB Payments: P/E Of 5 While Growing More Than 25% A YearStephen Read Concepto de cambio de divisas global, mundo de celebración manual con efecto línea virtual y dólar yuan yen euro y libra signo de libra esterlina.Dilok Klaisataporn/iStock via Getty ImagesCAB (Crown Agents Bank) Payments (OTCPK:CABPF) is an undervalued (P/E of 5), rapidly growing (25% YoY), and out of favor (down 72%) global money transfer business hiding within a 191-year-old UK bank.In 2016 CAB was acquired by the Africa-focused private equity firm Helios Investment Partners, and in 2019 they acquired Segovia's emerging market payments technology. This allowed CAB to combine Helios's frontier market expertise, Crown Agents Bank's relationships, and Segovia's payments technology and has resulted in CAB Payments growing 79%/yr from 2020-2022. In July they listed on the London Stock Exchange and today over 90% of their business is digital and scaling.The following writeup is my thoughts on an investment opportunity in what appears to be a healthy and fast-growing business at a left for dead price. I'll start by discussing the people, then move on to the product, market, economics, and finally touch on potential catalysts and risks.PeopleHelios Investment Partners is responsible for transforming CAB Payments into a digital and scalable cross-border FX and payments business. In the process they put together a well-connected and experienced team. The CEO is Bhairav Trivadi who was a successful founder and has 23 years of leadership experience across various leadership roles in the cross-border payments industry. Arguably his greatest success was creating PayQuik, a global remittance service which was later acquired by Citigroup. Bhairav is one of multiple high profile, and experienced leaders brought in to lead CAB. A few of the others are: Ann Cairns (Chair), Richard Hallett ('CFO'), Joseph Hurley ('CCO'), David Mountain ('CPO'), David Parker ('CIO'), Richo Strydom ('CTO'), Noel Harweth (Director). If these names don't mean anything to you maybe some of the team's experiences do: President of international markets at Mastercard, Global Treasurer at Citigroup, CEO of Royal Dutch Shell, Chairman of Deutsche Bank, Director at National Australia Bank, CEO of Travelodge, CFO of Barclays Africa and senior roles at institutions like RBS, Morgan Stanley, Credit Suisse, Bank of America Merrill Lynch, United Nations Migration Agency, and Discover Financial. The experience, network and knowledge of this board and executive team is more in-kind to a $100 billion dollar large cap than a $250 million dollar micro-cap.AlignmentCAB's management team is aligned with shareholders as they IPO'd with a clean balance sheet, outside of a 7% minority interest, and the executive team is required to hold at least 200% of their base salaries in shares. There's also a long term stock incentive plan, and a proportion of the CEO and CFO's bonuses are paid in shares.ConvictionDemonstrating further conviction from the team, Richard Hallett CFO and Christopher Green CCO purchased 50,000 and 83,449 shares in the open market, with the latest purchase coming on 1/16/2024.ProductCAB Payments offers 4 cross-border payment products: Empower FX, Empower Payments, EMpower Connect, EMpower Pensions. Expansion plans include forwards, swaps, derivatives, fund repatriation, payment capability expansion, and digital currencies.AdvantagesCAB's payment and FX products have multiple advantages over the incumbent correspondence banking system that accounts for 80-85% of the cross-border payments occurring today. CAB products are scalable, transparent, fast, and cost less. To help put this into perspective, here's an example of using the status quo.Correspondence Banking SystemI need to fund a $100k investment in an accounting startup in Lagos, Nigeria. I go to my local bank (internet bank in my case) and request an international wire. I learn after I fill out the paperwork that my bank is unable to provide me the cost, nor a delivery time. Agreeing to pay an unknown amount is infuriating, but I sign the paperwork anyway and they start the transfer. First, my local bank takes 1% and sends $99k to another bank with international connections, who then exchanges it into Naira and sends on $96k equivalent to a large bank in Nigeria, who finally sends $95k to the local Lagos bank. The transfer touched four banks and they each took a cut.CAB's Payments GatewayThe average cost for correspondent banking transactions to emerging markets is ~5% and it takes multiple business days. If my local bank was tied into CAB, the process could have been transparent, the money delivered in hours, and the cost as little as 0.28%. CABs products are API programmable and can scale as quickly as their relationships with local banks (152), trading partners (291), and central banks (25) can grow.Customer FeedbackThe pain I felt using the current correspondent banking system was enough for me to seek out an alternative, and it appears that others feel similarly. CAB's product suite relieves this pain point and in response they have a 96% customer retention rate, and a net revenue retention rate of 150%. That's not a typo, after the first year of coding into CAB's products their average customer increases use 50%.CAB vs Fintech'sCAB has an advantage over the banking correspondence system but how do they fare against other cross-border fintechs? They created a beachhead in Africa and are expanding alongside their B2B customers' needs. In my competitor analysis I found more than 50 payment companies ranging from startups to legacy providers with a few of the more popular and established being: Mastercard Send (MA), Visa Direct (V), Flywire (FLYW), Lightspeed Commerce (LSPD), Shift4 Payments (FOUR), Wise (OTCPK:WPLCF), Remitly (RELY), and Western Union (WU). None of which are focused on B2B and hard to reach destinations. Thus CAB appears to gain their advantage, not through technology, but an expansive network in Africa and embedded banking trust.These combined with a B2B strategy is turning competition into partnerships, a couple examples being Santander (SAN) and Wise.CustomersCAB currently has 483 customers and is in the process of adding 167 more. The breakdown is diverse with 35% being non-banking financial institutions like foreign direct investments and tech based remittance businesses, 30% being international development organizations like the United Nations, 30% emerging market financial institutions, and 5% major market banks.MarketIf CAB's product has a durable advantage, they are operating in a market estimated to be $56 - $271 trillion dollars and expanding at 7.3% per year. CABs advantage lies in emerging markets, which has a market size of $2 trillion and CAB's current market share is estimated to be only 1-2%.EconomicsCab's business is profitable and displays the advantages of operating in a large and expanding market with an advantageous product. I estimate an 85% gross and 50% EBITDA margin in 2023 which is not far off from CAB management's estimated 55-60% EBITDA margin.If CAB earns an estimated £40 million in 2023, while trading at a fully diluted market cap of £216 million, their P/E comes out to 5.4. This accounts for a 25% tax rate and removing all one time IPO expenses. If we extrapolate this to 2024, their P/E will be a bit over 4 if they continue to grow at 20-25% (management is guiding 30-35%). HIT CapitalHIT CapitalValuation Catalysts:Re-RatingThe current valuation appears low and I expect CAB to re-rate higher if they continue to execute and diversify their geopolitical risk. To put their current price into perspective, it is 1/2 the valuation of regional banks (P/E 10), and 1/8 of their fintech payments brethren Wise (P/E of 45) and Shift4 Payments (P/E of 50). Flywire (FLYW) which is not perfect, but a business to business comparison has an expected 2024 P/E ratio of 123.How long can CAB continue to hold a P/E of 4-5 when their peers are valued 2-24x more.Growth & Share RepurchasesIf the re-rating does not occur through investor demand, CAB could buy back their own shares as they are estimated to cash flow more than £50M in 2024 while growing revenue 20-35%.Business Milestone CatalystsInvestment Grade RatingCAB's investment rating is improving. Fitch upgraded CAB from BB- to BB in October and if they continue down a similar path, their rating will continue to improve. CAB's management believes that achieving an investment-grade rating of BBB- or greater will provide an accelerated sales cycle and bring in more risk averse customers, aka banks.Regional Expansion - Netherlands and the USACAB is currently a regulated bank in the UK and they cannot actively solicit their services in Europe and the USA. They are currently applying for a regulatory license in the Netherlands and are working to obtain a US representative office license.Investor Community TrustCAB payments had a challenging start as a publicly traded company. They listed in London, where payment stocks stumbled (Finablr, WAG payments, and Network International). The underwriters overestimated investor appetite, resulting in selling pressures from the start. Barclays, the stabilizing agent, purchased almost 50% of the shares that traded in July, further contributing to the decline. In October, they reduced their growth outlook from 37% to 20% and their price declined another 75%.YahooYahooIt will take time for management to gain analysts and investors' trust and for them to understand the expected ups and downs of operating in emerging markets. As CAB grows and their regions expand, the ability to forecast earnings should also improve.RisksHelios ExitHelios owned 41% (after IPO) and, according to their last investors presentation, they plan to sell down their fund III positions by the end of 2025. This poses a short to medium-term risk but may turn into a catalyst thereafter. It is necessary for Helios to exit their position so CAB can apply for CHIPS (Clearing House Interbank Payments System) access and obtain $USD clearing capabilities.IPO Lock Up Just EndedThe 180-day IPO lock-up period ended on 1/6/2024, resulting in potential near term selling pressure.AfricaGeopolitical risks exist in serving hard-to-reach markets, and half of CAB's revenue was derived from Africa, specifically: Nigeria 31%, Central Africa 9% and West Africa 9%. These regions were behind the guidance reduction issued in Q3.Parallel MarketsCAB operates and profits from parallel markets, which are unregulated and inherently risky.USD ClearingCAB is dependent on third parties clearing 75% of their revenue that is denominated in $USD. They are unable to begin the process of connecting to CHIPs (Clearing House Interbank Payments System), which would give them USD clearing capabilities, until Helios sells down their position.CompetitionThis is an evolving and lucrative space. My initial competitor analysis uncovered more than 50 cross-border-related payment companies, ranging from startups to 173-year-old legacies like Western Union (WU).Reduced DemandProtectionism, de-globalization, tariffs, and decoupling of the world could reduce demand for cross-border FX and payments.Digital CurrenciesCAB is preparing to expand into cryptocurrencies and stablecoins, but they could fail and fall behind.Over The CounterCAB Payments trades on the London Stock Exchange and if you are unable to access LSE directly there is typically an added layer of risk, cost, and illiquidity when using an OTC stock ticker.Ending ThoughtsCAB is a high-growth, profitable business, with a product solving a painful problem in a trillion dollar market priced at 4x 2024 P/E. Something's got to give, or I missed something.My expected value for CAB Payments in 4 years is 2.8 - 7x their current price of ?84.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks. Read Full Thread Reply
Posted at 22/1/2024 13:44 by london07 Check this out for share price manipulation. Share price earlier at 86.80p Bot kicks in, less than 20k sells in the space of 3 minutes, boom, all the way back down to 84.50p 🤣 Shut this casino down. Cannot believe how the HF get away with it, just day light robbery. Absolutely no point robbing banks anymore, you can just do it legally without ever being held to account. Better than crypto this. Wrote into the FCA at the weekend, numerous other investors I know are doing the same. Its illegal what's happening on the LSE, esspecially the short and distort. S&P 500 Average value is 20x PE. On the FTSE, must be like 4-5 if that. Look at BP, one of our biggest companies, PE is 4x, Chevron is 11x. This is just 1 example. CABP should be 20x plus in the US easy with the growth rate and MOAT, probably on 5-6. What is the point. No wonder many investors and companies are fleeing to the US and elsewhere. Read Full Thread Reply
Posted at 19/1/2024 14:13 by london07 CABP Printing £1.5m EBITDA ""a week"" based on H123 £40m EBITDA. There are many companies not even doing this in a full year and worth multiples. There are others making losses yet worth so much more. Market sometimes boggles. Practically everything is down. Good news - a little down Meet guidance - down alot Not good news - massively down State of the current markets 😂, a race to the bottom. A casino of traders and shorters trying to self destruct UK companies. LSE is not longer a viable investors market. Let's see where we are in 6-12 months Read Full Thread Reply
Posted at 25/10/2023 07:52 by bones698 How you can say it's cheap when nobody can answer a simple question about the accounts worries me that investors really just don't have a clue and take complete gambles . Some might work out but the majority don't . Hard to judge anything with Thai expect it's been a disaster this far . Over 300p to 50p Inna few months isn't exactly reason to be bullish is it. Just to add that anyone who's been around a while knows over 90% of small caps lose investors money . The odds are in shorters favour massively . Try to bare that in mind Read Full Thread Reply
Posted at 24/10/2023 14:00 by tomboyb Post from July says it all - Biggest Bill17 Jul '23 - 16:22 - 4 of 76 0 2 1 What's with the relentless selling here? I presume that it must be retail investors who got shares in the public offering and thought that they would make a quick profit. Despite the shares being oversubscribed, the share price has never reached the offer price and now these investors are cutting their losses. Read Full Thread Reply

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