All the FY24 EBITDA growth came from interest, the overhead cost...

All the FY24 EBITDA growth came from interest, the overhead cost growth was bigger than the customer revenue growth. So management controllable EBITDA went backwards for the continuing operations.

interest rates are already falling in Europe and the US which will impact the interest revenue in FY25. the presentation notes some higher interest rate bonds are locked in but the interest rates on the bonds they are buying will be lower. Long term low risk bonds price in future movements ahead of central bank movements.

I struggle to see how they will beat FY24 interest revenue and the rest of the business is getting less profitable, so it's not a good outlook and I'm predicting EBITDA declines in FY25 without a long overdue massive cost out program

They do look very cheap though so if they can stop shooting themselves in the foot they can improve the multiple and maybe get the share price up.