I buy that analysis.
So Jun20 transaction $ is approx $250M.
Take $250M away for commercial leasing. To me that is a reasonable estimate considering the decline in H2 and COVID-19.
- Big question is how $34.5M H1 NPAT became $60M for FY20. How did we lose $9M in NPAT? First thing that comes to mind is Cards. Likely to have halved, so there is around $8M, with another $3M in commercial leasing, with approx $2M added in BNPL.
- so BNPL is likely to be worse than FY19 due to investment in this space
Transaction $ are now projected to be $3B in FY21 based on Jun20, hence 20% growth, which is much slower than Its BNPL peers.
However, BNPL $ growth is probably 50-100% YoY, making Humm the only profitable BNPL and the soundest BNPL investment on the ASX.
Ann: FXL - Full Year 2020 Trading Update, page-116
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41.0¢ |
Change
0.005(1.23%) |
Mkt cap ! $201.4M | |||
| Open | High | Low | Value | Volume |
| 41.0¢ | 41.0¢ | 41.0¢ | $13.80K | 33.67K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 433865 | 40.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 41.0¢ | 35318 | 8 |
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