I did read the UEPS conference call transcript (Net1 UEPS Technologies, Inc. F4Q09 (Qtr End 6/30/09) Earnings Call Transcript). All-in-all I was impresssed. Management seems savvy and has a lot of irons in the fire. The risk to the company is they seem to have a contract with the Govt of South Africa and it would hurt to lose that. But there is also some real strong upside as they may partner with Mastercard and they also are making inroads in Ghana and Iraq.
While they expect earnings per share to grow by 20% in 2010, half of that is coming from reduced share count.
All-in-all, it wasn't a great week for the old portfolio. I'll publish the graphs etc over the weekend. Not a disaster mind you, but I am giving back some of my ground over the bencmark and I can't seem to close the final gap to get to break-even. I'm thrilled with my current approach and how far the portfolio has come this year (up about 66%). Hopefully we'll get over the hump in 2009.
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