Westpay: A positive growth trend shift

The net sales during Q2 came in almost exactly as our estimate. On a q/q basis, Westpay showed an increase of 15%; this was the second quarter in a row with sequential growth. The growth trend shift in is rather evident and is likely an effect of that the Carbon sales are picking-up. Westpay continues to sing deals, the latest with the cash handling giant Loomis, read more about that in this analysis update. The short-term financial liquidity is now secured through the almost fully guaranteed rights issue. We trim our projections and valuation slightly, but we also find that the uncertainty is steadily decreasing.