They can grow their loan book, at the cost of margin and quality. They simply don’t have the scale and won’t get to scale. I’ve said it before just an overpriced management team running a company which was on free money during covid and now is running off the smell of an oily rag. Company won’t rerate until cloud of a capital raise is no longer hanging over it. Given that they are not cashflow positive and won’t be anytime soon, this is just a long term bleed to the next raise. I would always be cautious when EBITDA, NPAT or any items constantly have a little 1 or 2 in the notation of their announcements to indicate it’s normalising for X or taking out Y. This is how management give the appearance of a good result when in fact constant ‘one offs’ are a part of normal business
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