they have actually been doing well. Initially falls were because of interest rate rises and fear of bad debts - normal concerns for a lender of this type. They actually have quite a big exposure to car lending in NZ and the floods and adverse weather events caused then to reduce expectations for the second half. Then they announced ASIC was investigating them and although they planned to defend that was another hit to price. Finally yesterday’s announcement was catastrophic. FY24 is guided to be around 40 to 50% less NPAT than this year. Dividend is still excellent and strong possibility of return to profit growth in FY25, I think it’s a good buy at current prices and I increased my holding yesterday.
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