Many fintech / non-bank lenders are trading pretty low. For MME, the way I rationalise it is about the lack of visibility in terms of metrics going forward, couple with lack of growth. I read the FY23 presentation again, and it lacks quantified guidance for FY24. The 11% NIM comes as a surprise when that FY23 presentation cheers the stable 12% NIM despite a higher quality portfolio.
Ann: 1Q24 Trading Update - Strong Revenue and Lower Losses, page-34
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