Looks like they are leaning into the expectation of lower rates...

Looks like they are leaning into the expectation of lower rates and ramping up originations.....lets hope they are doing this in the most profitable and credit worthy sectors (auto loans seem a little unknown given where car prices have gone and what seems to be a pretty decent drop in used car prices and presumably new car prices as well at some point as demand drops after all those legacy order backlog fills)

The other thing is the Net loan book loss.....at 4.6% seems incredibly low and a significant reduction from what they reported 6 mths ago (5.7%), and although the loan book has improved in credit quality, I do wonder if that number holds as Australian households feel the pressure.

Overall a decent set of numbers and for some reason the market just does not believe it despite 18 mths of consistency.........they really need to find a partner like Plenti did (with NAB) to turbocharge their growth again, but on these numbers alone, it should be worth 7-8 times NPAT so ~100m MC so ~13c on a conservative basis and possibly more once that growth starts up again (although more net originations means more upfront provisions so this will take a while to show up as was the case 2-3 yrs ago)