Humm Valuation - What is Sensible, page-6

we are fortunate that Hum saw the writing on the wall much earlier than rivals and has already done most of the work of retreating from markets, getting rid of unprofitable products and trimming costs. There are some challenges for at least the next year with a recession looming and bad debts increasing but Hum should come through OK.

When this sees a price increase I don’t know. We never shared in the silly hype of the BNPL days, but are being punished for the woes of other operators

The other thing that worries me is what AA is up to. He continues to increase his holding, which is a positive support, but you wonder at what point he tries to take it private at some low ball price,