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Here’s why the EML (ASX:EML) share price is going nuts

The EML Payments Ltd (ASX: EML) share price has gone bananas on Friday after announcing a Central Bank of Ireland (CBI) update.

EML is a global payments company that operates in Australia, the UK, Europe and the US. Its customers include major banks in Europe, government, retail brands and financial services companies.

EML share price rockets on good CBI news

The ASX payments share gave an update regarding the CBI.

It confirmed that after close of trading on Thursday, 30 March 2023, the CBI directed that a 0% growth cap will apply to EML’s Irish subsidiary, PFS Card Services Ireland Limited (PCSIL) for the 12 months ending 31 March 2024.

EML said that it was confirmed that there is no change to its guidance for FY23, which is that revenue is going to be in a range of between $235 million to $245 million, while the underlying EBITDA (EBITDA explained) is expected to be in a range of between $26 million and $34 million as it said to the market on 22 February 2023.

The ASX payments share said that EML and PCSIL “remain focused on engaging constructively with the Central Bank of Ireland, working to complete the remediation program and ensuring all of the regulator’s concerns are addressed.”

Is this the start of a revival?

The rise of more than 20% compared to yesterday is a great gain.

However, it’s still down 16% compared to the start of the year. The EML share price is down 35% over the last six months and in the last year it’s down over 80%. It has gone through a lot of pain.

It’s going to take a lot of recovery just to get back to where it was six months ago.

The business can certainly achieve it in theory – the world is going increasingly digital and EML has a good global footprint.

It needs to demonstrate profitable growth to get back in investors’ good books so it may take a while to turn things around. Time will tell what happens next, but I don’t think the business has the growth outlook that it used to.

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