You said you wanted a discussion Peter_C, but every time you use the word misleading to try to refute established pronciples and use the whacky maths that comes out of the purple pump reports. Go and do a Google search or Investopedia enquiry on the term 'EBTDA' (careful now, don't let your device correct you) and let me know how you go. In contrast EBITDA may be a useful metric if you think that stumping up $2.5 bil to lend to undocumented and unbanked new entrants to the US is a great business.I think you would find it hard to get investors somehow, with a negative 5.5% return in boomtime. Imagine when you get a touch of unemployment. Don't be influenced at all by Warren Buffett and Charlie Munger who said that EBITDA (not ZIPs EBTDA) is a bullsh*t statistic. Quoted verbatim. I agree that the ZIP SP is likely to have some momentum as the BNPL industry in the US gathers steam, particularly with the coming Klarna float. But if there is a shakeout before, it will resemble a pack of cards.
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