We believe Tyro presents significant downside. Tyro is the 5th largest merchant acquiring bank (by number of terminals) in Australia, behind the four major banks ($NAB, $CBA, $WBC, $ANZ). You should seek the advice of a security professional regarding your stock transactions. This “left businesses, including medical facilities, without any means to collect payment from customers.” What was Tyro’s response? Shareholders were also impacted after Tyro’s share price fell from $3.34 on January 5, when outages first started being reported, to as low as $2.32 when the company was hit by a short-seller attack from Viceroy Research following the outages.. Viceroy’s report on Tyro claimed it was “the most unreliable and technologically inferior fintech in Australia”. Smartpay/Tyro. January 15, 2021 Viceroy Research issued a report on the company "Tyro By Name, Tyro By Nature". A quick look at Smartpay site. We are not registered as an investment advisor in any jurisdiction. Speaking to The Australian after Tyro issued a rebuttal to Friday’s attack by short-seller Viceroy Research Mr Cooke said the report on the embattled fintech was full of “alternative facts”. Shares in Tyro have since been hammered, slumping from $3.26 on the day of the announcement to $2.32 on Friday, when short sellers Viceroy Research distributed a report attacking the … Viceroy claimed that its research suggests that Tyro rendered useless around half of its terminals across the country via a software update. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. We have not made any changes to the report itself. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied. The reputational and financial fallout from this outage will likely be severe and long-lasting. "Tyro Payments are more concerned with the price of their equities than the functionality of their products," says the short seller. Think critically about our opinions and do your own research and analysis before making any investment decisions. Our research reports have been prepared for educational purposes only and expresses our opinions. So, what’s going on here? Tyro ended the day up 58 cents at $2.90. Viceroy Research Group 2 viceroyresearch.org Either Tyro’s growth in CY 2020 is false, or a much larger number of terminals have been bricked than disclosed. "Communications so far to both investors and the market have been opaque and downplay the significance, both financial and operational, of the ongoing situation. You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied. We believe that the publication of our opinions about public companies that we research is in the public interest. Over the last week, our research suggests Tyro has “bricked” (verb: to turn into a brick)  ~50% of its terminals across the country via a software patch, which requires a recall and capital-intensive terminal repair/replacement. A detailed report, released by Viceroy on Friday, sent Tyro’s shares plummeting as much as 12 per cent to $2.31. They don't advertises doing so. The company’s financials are unappealing, and their undifferentiated and outdated product offering is in stark contrast to fresh market participants. Tyro’s childish response intentionally omits the extent of the damage, understates the harm to its customers, and flat-out refuse to provide any meaningful data for analysis. Viceroy… As Tyro Payments (ASX: TYR) scrambles to repair EFTPOS terminals 'bricked' by faulty software, short seller Viceroy Research has released a damning report suggesting the payments processor is downplaying the issue. This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. Tyro resumed trading on Tuesday after entering a trading halt on Friday following the publication of a report by short seller Viceroy Research claiming outages … Tyro is the 5 th largest merchant acquiring bank (by number of terminals) in Australia, behind the four major banks ($NAB, $CBA, $WBC, $ANZ). The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation. We believe that the publication of our opinions about public companies that we research is in the public interest. Our research reports have been prepared for … Last week was tough for EFTPOS company Tyro Payments , with a terminal outage and a short-seller report but investors have responded well to its rebuttal.. The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. January 15, 2021 – Viceroy Research is short Tyro Payments Limited (ASX : TYR). Since its IPO in late 2019, Tyro has singled itself out as the most unreliable & technologically inferior fintech in Australia. The Tyro share price plummeted 11.8% lower on Friday after a short-seller released a damaging report.Viceroy Research alleged that 50% of Tyro’s … To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. January 20, 2021 – Viceroy’s full response to Tyro’s report is now live. Beleaguered fintech Tyro is seeing no improvement to its 2021 so far. Our research reports have been prepared for educational purposes only and expresses our opinions. The forceful defence triggered a 26 per cent surge in Tyro’s share price in a sign that public short attacks are losing traction with investors. Due to popular request, this report The … They add an automatic surcharge to the customers bill to cover card fees. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. Tyro on Wednesday said 30% of its 32,000 customers - the majority of which use a single terminal - were facing outages caused by a software issue, and that it was collecting 2,000 terminals a day to be repaired and returned. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain. The incident has also sparked discussions of a potential class action. The Tyro Payments Ltd share price has surged more than 20% this morning after the digital payments company released an update in response to a recent short report published by Viceroy Research last week.. Tyro has also released transaction values up to the close of trading on Sunday, 17 January, which reflect the outage period as well as the impact from the Brisbane lockdowns. Short seller Viceroy Research on Friday said it estimated around 50% of Tyro’s terminals are offline based on its “extensive” checks with an undisclosed number of Tyro customers. Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy. Despite being in operation since 2003 Tyro is increasingly loss making and floats its operating cash flows through customer deposits in its banking division. Shares in fintech, Tyro Payments plummeted today after Viceroy Research released a scathing report on the company’s recent connectivity issue with respect to … Due to popular request, this report delves into the maths behind our TTV calculations. Tyro presents no real catalyst to make a jump into profitability. In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. It has no disaster recovery plan and has left businesses, including medical facilities, without any means to collect payment from customers. Edit: We note there was a typo on the date of this blog post. tyro [noun]: a person who is just beginning to learn something or who has very little experience of something. The outage of Tyro EFTPOS machines saw US-based Viceroy Research short the fintech stock earlier this month. We are entitled to our opinions and to the right to express such opinions in a public forum. Our research reports have been prepared for … Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. Our research reports have been prepared for … In a research report published on Friday, Viceroy claimed approximately 50 per cent of Tyro's terminals across the country are offline and "bricked" requiring a recall and capital intensive terminal replacement. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. Tyro Payments claims a critical report from short seller Viceroy Research contains "false assertions" as it requested a trading halt in its shares after they fell more than 11 per cent. 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