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EML Payments (ASX:EML) has become a disappointing turnaround for several fund managers. In September 2026, QVG Capital said it is increasingly concerned that the turnaround is taking longer and costing more than expected, suggesting the investment is starting to look like a genuine mistake. DMX Asset Management reported a 25% share price fall after a messy result and downgraded expectations, though it believes EML's revenue base has value and could attract corporate interest. Forager Funds noted no signs of improvement and now holds only a small position. EML Payments operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 56 comments from 10 fund managers, including QVG Capital, DMX, Forager and NAOS. Founded in 2001 and headquartered in Brisbane, EML provides prepaid card and payment solutions, including gift, incentive and reloadable cards, for businesses and governments across Australia, Europe and North America.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Endeavor Asset Management, DMX Asset Management, Salter Brothers, Monash Investors, Forager Funds, Jencay Capital, Oracle Advisory Group, QVG Capital, Wilson Asset Management and Tamim Funds Management have invested in EML Payments Ltd (ASX:EML).
DMX Asset Management believes EML's significant revenue base retains value and could make it interesting from a corporate perspective, while Forager notes contract wins have continued despite delays in implementation.
QVG Capital warns the turnaround is taking longer and costing more than expected, and DMX reported a messy result with downgraded expectations, leaving the shares more than 70% below their 12-month high. Forager highlights macro exposure in North America and Europe and slow implementation of new contracts.
EML Payments Ltd is an Australian financial services company, founded in 2001 and headquartered in Brisbane. It provides diverse payment solutions through four primary segments: Gift & Incentive (G&I), General Purpose Reloadable (GPR), Digital Payments (DP), and Group. G&I offers single-load gift cards for malls and incentive programs globally. GPR supplies reloadable cards for industries including government, gaming, and banking. The Digital Payments segment manages funds disbursement, social welfare payments, loyalty programs, loan disbursements, corporate expenses, and procurement. EML delivers scalable payment infrastructure for consumer and corporate financial needs.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.