Ann: Half Year Results Announcement, page-67

I agree it’s very frustrating to watch, but I suppose we have to remember that APT and Z1P have largely proven themselves to investors over a number of years now, whereas I’d say investors want to see a bit more progress from SZL, which I’m quite confident will come. I think the key is larger merchants - once SZL start signing these it will be clear they’ll have the key components to be a credible large operator in the years ahead.
I read a lot of the US press about SZL and the cofounders have stated repeatedly over the past few weeks that they are moving the business into signing larger merchants, which I’m happy to hear - ie they understand that to be competitive with APT they need larger merchants. I think it is just having to see progress over next 6 months or so, noting that if current growth continues, plus signing larger merchants increases growth rate going forward, it will be worth multi-billions in the medium term, based off valuations of industry peers.