Ann: 1H24 Results Investor Presentation, page-5

seems like a solid result - EPS of 0.8c for 1H24 compared to a share price of ~9c leaves at at a PE of ~6 if they can replicate that NPAT result

the only question is around those warehouse facilities......some seem to to have reduced since Jun23 and this is likely to be the constraint now in attempting to grow.......they just don't seem to have a capacity to do that and seem to be recycling loans as they are repaid but at the same time their funding limit went from 1,574m to 1,304m (and only have ~196m in undrawn facilities

IMO they still need to partner with a big player and license their IP........losses reducing, I'm sure the FTB process is cleaner/cheaper than the big players and at a 10% margin, there is sufficient for both parties