Thanks Tina25, I do in part agree but at the end of the day...

Thanks Tina25, I do in part agree but at the end of the day financials are a direct output and help with the story.

I have stripped back the financials to a reasonable peer to peer comparison pure BNPL -now the next stage is to work out if FXL is valued fairly or not- or are peers overvalued? Why - why not?

Such Variables will be as you describe -the business model, other factors might be the addressable market size available, market penetration, execution & management capability, legislative risk- even market sentiment & past history.

Some reasons for market valuation disparity at the moment might include ( I am assuming here that FXL is the odd one out!!)- others will have different views/reasons :

Addressable market limited to A&NZ ( noting Ireland is small but could be a launching pad into UK)
Higher value than peer longer term unsecured debt ( higher risk in a time like we are experiencing now- (I await with interest what ZIP will need to provision).
Past history of inconsistant results
Market sentiment - old hat company - focus on growth companies
Legislative risk - Australia has some potential issues with BNPL at this point of time and Australia is FXL major market- diversification
Competition impact on margins
Dividend question mark over the deferred half year and then final

FXL is now one year into a turn around strategy it does look to me though that Rebecca is making major roads - for the record I hold and I am backing her - but it does takes time. Waiting with interest for the results update but inparticular the progess being made against strategy.

cheers Andrew