TYR — Tyro Payments Limited (ASX:TYR)

Identity (⚠️ disambiguation): No SEC registrant trades as TYR (checked full company_tickers.json). The exchange-resolved match is Tyro Payments Limited, ASX:TYR (ADR-adjacent ticker TYPMF/OBITY), Sydney-based EFTPOS/payments + banking for Australian SMEs, founded 2003, ~577 employees. If Eva's desk meant a different TYR (e.g. a private/OTC name), flag back and I will re-brief — evidence below is for ASX:TYR.

Summary

• FY26 (ended Jun 30, 2026; results 24–25 Aug 2026): gross profit +5.3% to $231.8M, normalised EBITDA +8.6% to $66.9M (28.9% margin), statutory NPAT $21.3M (+19.7%).
• Regulatory pivot point: RBA finalised merchant-payment-cost reforms in Mar 2026 — card-surcharging ban from 1 Oct 2026 plus lower interchange; Tyro guides net-neutral and positions it as share-gain opportunity.
• Stock is the bear case: A$0.73–0.75, −41% over 1Y, mkt cap ~A$391M — board itself acknowledges share-price disappointment.

Key findings (each claim → source)

1. FY26: revenue (normalised) $489.4M +0.7%; gross profit $231.8M +5.3%; EBITDA (normalised) $66.9M +8.6%; PBT normalised $24.7M +40.0%, statutory $22.3M +25.2%; NPAT statutory $21.3M +19.7%; FCF +49.5% to $29.4M — primary: Annual Report 2026 PDF on ASX announcements (25 Aug 2026). ASX PDF
2. TTV $44.3B, +2.9% — Tyro payment volumes +4.4%, partly offset by −10.5% at the Bendigo Alliance; Payments GP +4.1% to $203.0M. ASX PDF
3. Verticals: Health TTV $7.9B +6.4% (bulk-billing rate changes a H2 headwind, cycling out in FY27); Allied Health +25.9%, Dental +18.7%; Retail +3.9%, Hospitality +3.8%, Services +4.2%. ASX PDF
4. FY27 guidance: normalised gross profit $240–255M; EBITDA margin 28.5–30.5%. Kalkine on the filing; consistent with ASX PDF
5. RBA reform: finalised Mar 2026; surcharging ban effective 1 Oct 2026; company expects net-neutral (revenue and costs both fall as interchange savings pass to merchants) and flags transparent pricing as a differentiator vs legacy surcharging incumbents. ASX PDF chairman letter; Tyro Mar 30 investor update via stockanalysis
6. Thriday accounting-platform acquisition closed FY26 — extends payments+banking+software stack for SMEs; banking attach (Tyro Bank Accounts) still growing. ASX PDF; H1 FY26 transcript
7. Market data (delayed, ⚠️ aggregator): A$0.73 on 08-Sep-2026 2:00pm (investors.tyro.com delayed feed); 52-wk range A$0.665–1.295; mkt cap ~A$391M; P/E 18.9; 7-analyst consensus "Buy", target A$1.09. investors.tyro.com; stockanalysis.com

Flags / unverifiable

• FY27 guidance figures from Kalkine (news summary of the filing) — the ASX PDF text extracted confirms results; guidance range should be re-verified directly against the PDF's guidance page before it goes in a desk brief.
• No dividend (capital reserved for growth; also stated at AGM).
• Historical note that may resurface in desk chatter: the 2023 rejected takeover bid is stale; current valuation (~19x trailing P/E, ~16x forward) prices none of it in.

Implications for the desk

• The 1 Oct 2026 surcharging ban is the near-term catalyst/risk window: watch whether competitors' surcharge-heavy propositions lose merchants to flat-priced acquirers — Tyro's pitch is that it wins share either way.
• Volume growth (2.9% TTV) vs gross-margin creep is the quality signal; Bendigo Alliance runoff is the drag to track quarterly.
• Board frustration + sub-A$0.80 price + "Buy" consensus = expectations gap; FY27 guidance delivery (Aug 2027) is the re-rate trigger.

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