Very interesting! Though, when I dive a bit in their numbers, it looks like Payment Technologies, although contributing to "only" 35% of sales, accounts for 69% of adj. EBIT in 2024. The segment shows a 25.8% adj. EBIT margin, while the two other segments (Coffee & Vending Systems, and Time & Security) show respectively 3.8% and 8.3%. So I am wondering why they are keeping these activities that, in the end, dilute the margin quite dramatically.
Thanks! You're right; however, they are still profitable activities, and both segments continue to grow. In my opinion, sacrificing margins to continue growing and diversifying revenues seems reasonable. I like the company and the team running it.
Very interesting! Though, when I dive a bit in their numbers, it looks like Payment Technologies, although contributing to "only" 35% of sales, accounts for 69% of adj. EBIT in 2024. The segment shows a 25.8% adj. EBIT margin, while the two other segments (Coffee & Vending Systems, and Time & Security) show respectively 3.8% and 8.3%. So I am wondering why they are keeping these activities that, in the end, dilute the margin quite dramatically.
Thanks! You're right; however, they are still profitable activities, and both segments continue to grow. In my opinion, sacrificing margins to continue growing and diversifying revenues seems reasonable. I like the company and the team running it.
Has the CEO not resigned as of the end of FY2024?
Yes, he has resigned (one and a half years as CEO), and they are not going to replace him. I've corrected my mistake—apologies for the confusion.