Yes do agree with your point of comparison of number ATM globally with India is wrong thing. But cash transaction do occur in the economy. Also remember AGS trasnact is deploying machine which accept cash which would reduce costs for bank (although few people currently use them).
My major investment thesis is company’s 80-90% revenues have 4-5 year tenure which provides visibility of revenue remaining stable & PSU outsourcing ATM business would benefit both AGS & CMS. Key point is you get business at 4X EV EBITDA. So upside seems more compared to downside
(Disclosure – not an buy/sell recommendation)
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