Growing, profitable and catalyst rich – initiate at BUY

We expand our technology coverage with the initiation of Findi Limited (FND). FND is an ASX-listed fintech and one of the largest non-bank ATM operators in India, with a network of ~21k ATMs deployed across the country. Following a change of Board and corporate structure in late-2021, Findi has implemented an aggressive growth agenda; signing multi-year deals with two of India’s largest banks, increasing EBITDA by a factor of ~3x, and expanding its FindiPay (ie. digital offering) from a standing start to ~38k touchpoints. We expect this type of dynamism to continue and believe the company is inexpensive relative to small cap ASX tech peers (even after adjusting for emerging market risk). Accordingly, we initiate with a BUY recommendation.