A year or so ago, I was thinking the company would go through a meaningful bad debt spike, but the consumer downturn from rate hikes hasn't hurt employment much. The company has also been leaning into higher quality borrowers in the AFS segment and tightened standards in M3, which has kept things in check. You're right, the stock seems very cheap and as I have previously posted, I can see a path back towards 50m NPAT over the next 2 to 3 years with rates cut and underlying growth.
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