Ann: PGL Trading Update 4Q22, page-3

So many positives. Apart from the stellar growth, its been managed without taking additional risk. Demonstrates the strength in the technology. Massive jump in active users while maintaining a high Net Promoter Score - which will translate to easy-to-win repeat business. Such an easily scalable business.

You get the feeling that existing clients won't need to bother looking at alternative debt providers.

Can't see how this doesn't generate $30m in free cashflow in FY23 - almost 17cps. Easy a $1.50 valuation.

And we know that if the SP doesn't respond, they'll keep buying back shares. Brilliant.