Excellent result however beware the Covid sugar hit. Going forwards extensions and subsequent equity will decline in off lease returns and the elephant in the room is the value of ICE vehicles once electric takes hold. This is some time down the track mind you but you don't necessarily want to be sitting on 75000 vehicles with a diminishing value.
It's a tough gig this one and you can only play what's in front of you which they have. It's just the industry has headwinds hence why most desire a shift to greater Novated numbers as the risk is shifted to the punter.
Ann: 1H21 Results - Presentation, page-5
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