Ann: FXL - Trading Update and COVID-19 Response, page-2

This is fantastic really:
- Good growth in Q3, and Q4 shouldn't be impacted nearly as much as other BNPL providers, such as AfterPay and Zip, due to FXL's strong presence in solar, health, automotive, fitness and furniture (many products of which are above the $1k limit the likes of APT have).
- Looks like the commercial lending (after years of being the 'dog' part) could actually turn out to be a bit of a highlight for Flexi - APT and Z1P don't have such a long history or entrenched routes in such areas.
- Not a single hint that wholesale funding has been pulled or tighten or anything, with plenty of headroom (unlike Z1P who, at last update, had barely $100m in headroom!).
- Without saying it, the announcement would indicate FXL is on track (still) to produce a significant NPAT for FY20, and pay a gross dividend equal to several percent of the current share price (while the likes of APT, and particularly Z1P, are likely to only get further and further away from NPAT),
- The cream on top for me is that there has been no mention or even hint of impairments.

and after all this, the share price is still below NTA (of 73 cents) while APT's (with a NTA of not even $3) marches to $30 and Z1P (with an NTA of not even 30 cents!) is above $2... so despite likely being significantly worse hit (as that is where APT and Z1P make most of its money - in store retail), they are back to trading on ridiculously lofty P/NTA, and well pretty much every other metric.

Share price up over 11% today at the open is nice, but really, even with the times the way they are, FXL should be back to 1.5x+ NTA, that would be a share price of $1.10.