Ann: FXL - FY20 financial results briefing, page-303

Great analysis. It clearly shows how shortsighted FXL management is, focussing on ANZ and neglecting the rest of the world.

I would put one more layer on your analysis and work out revenue less bad debts % and then divide that total by TTV. This will tell you the most profitable businsss from a top line perspective.

Then from a bottom line perspective subtract the fixed costs of running the business and determine how much TTV is required for these companies to breakeven. We know APT and FXL have done so. How much TTV is required until the competitors catch up?

Another useful statistic is market share. However, this analysis is the most impressive I have read in this forum.