Hi 'andrew a'. It's an interesting way to look at the sector....

Hi 'andrew a'. It's an interesting way to look at the sector. However, there are different assumptions to be made with differing maturities that each BNPL is at in the entry cycle. Some companies are more established than others and they don't all do the same thing. In other words... different models of their business structure.

This is not a criticism at all from me. I just want to point out that it is not a like for like comparison that can be done with these company's. It is better to look at each one individually. If your wondering......
I don't provide analysis to the Hot Copper platform. I have run a ruler over FXL and my conclusion is that I hold the stock. The FY 2020 Report will provide important guidance on the numbers that are pretty much known.