There might be some move when they report results on the 28th of...

There might be some move when they report results on the 28th of Feb just to validate the NPAT per the trading update, but also see how the balance sheet looks, but rerate is going to take a little time.....possibly even post rate cut and another profitable half (2H24) without any signs of credit issues.

The other outcome might be a deal like Plenti signed with NAB.....leverage MME's credit assessment IP to find clients, but the balance sheet is provided by a much bigger player - yes this will split the profits, but it takes a risk off MME and also provides the market with some comfort that a bigger player did their due diligence and have faith in their credit assessment.....this is my view is what they should be targeting to get growth back and also leverage that IP they have before others manage to do it as efficiently as they are doing it now.