Ann: October YTD trading update, page-176

Sometimes Executives/Boards react. A good example is FXL which was traditionally more a ZipMoney type lender and is now in the process of rotating into BNPL. Their latest report shows that their BNPL revenue decreased since their previous reporting period, mainly because they had to reprice their fees to be more competitive. FXL is something of a sitting duck and I don't want to compare it to Z1P which is doing extremely well.

But my point is simply, BNPL is all about a land grab at the moment. Z1P may have made some of their decisions as a reaction to the increasing market dominance of peers like Afterpay and ZipPay. "Ideal" as you put it, is sometimes just "the best option" which is not always a positive outcome. I'm not suggesting that I know this is the case but we don't know. And I'm not in the business to make vague assumptions of "wouldn't the board etc" because every business that failed has had an Executive team and Board.

Uncertainty of margins... It's a simple point... We all know it... and we'll know more in the next 12 months... It's not a hard point to understand and it shouldn't draw so much defensiveness from existing holders. Realistically, as uncertainty is removed, the SP should increase. It could increase hard of there is no signs of margin compression over the next few reports.