Ann: 1H22 Results Presentation, page-2

I've yet to view the presentation but while there has been some margin compression, overall very pleasing to see the increase in net profit and a further buyback of shares.

Revenue is up almost 25 per cent, totally due to the stellar Pit n Portal performance, but it's a lower margin business subsector.

The dividend will be welcomed.

Unlike the majority of BNPL entitities, EHL is a profitable company. We all know that some BNPL outfits have at times traded at outrageous SPs. It's a sector I avoid like the plague.

Net debt has risen by 10 per cent but the interest cover ratio has improved. I like the brief statement about interest costs being set to further decrease due to notes being refinanced from US$ to $A. I assume this was wise in view of the Australian dollar's fall in the past 12 months.

While I am not an accountant, arguably at under A$1.00 it is undervalued by at least 20 to 30 per cent if not a little more.