Nayax Remains A Strong Buy
Mar 4, 2025
I remain a big fan of Nayax, a company specializing in payment solutions for both unattended and attended point-of-sale terminals. For fiscal 2024, revenue grew 34%, recurring revenue increased 47% (now 71% of total revenue), transaction dollars rose 36%, transaction count was up 33%, customer count grew 32%, and revenue per user increased 12%. Net retention remained strong at 129% as the company continued expanding with existing clients. Management is still targeting sustained 35% growth through 2028, with increasing margins. The acquisition of UpPay further strengthens Nayax’s expansion into the nascent Latin American market while accelerating its European presence. Despite a 30% gain since we first highlighted it, the stock still looks significantly undervalued to me—my fair value estimate is $82, yet it currently trades for well under half that. A strong buy!
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