Nayax Partners with Tellus Power to Boost EV Charging Payments

What happened

Tellus Power and Nayax announced a partnership to provide an integrated charging and payments platform for commercial EV deployments, aiming to reduce vendor coordination complexity. For Nayax, this adds another strategic EV partner to its existing ties with Autel, Lynkwell, and ChargeSmart, reinforcing its position in the growing EV charging payments vertical. The news is consistent with Nayax’s strategy to scale its recurring revenue through embedded payments in emerging verticals. However, the financial impact is likely small near-term, as EV charging remains a nascent contributor to Nayax's ~$400M+ revenue base. The partnership does not alter the core investment thesis, which already prices in successful EV execution and leaves little room for error at current elevated multiples.

Implication

Over 6-18 months, successful integration of multiple EV partnerships (including Tellus) could accelerate device growth and transaction volumes, supporting the bull case. However, investors should monitor deployment milestones and margin contribution before assigning higher multiples.

Thesis delta

The Tellus Power partnership is a modest positive that incrementally supports the EV revenue thesis but does not change the assessment that Nayax's stock already fully values aggressive growth assumptions. The risk/reward skew remains neutral to negative at the current price of ~$58.50, with base case intrinsic value near $55.