Ann: Solvar 1H FY23 Results, page-6

Absolutely agreed. Unfortunately the market remains uncertain about interest rates and the effects of the housing loan interest rate rises which flow onto secondary lenders. This company has been through several downturns before and did not just survive - it survived well. At the moment the company has explained well why its NIM is reflected in lower NPAT despite increased revenues. The clause in the presentation is set out below
" Secured funding to protect growth runway by early drawdown – leading to a short -term P&L impact until deployed" Intending buyers need to trust the guidance or wait until it is finally rerated and lose out on the mispricing here IMO.