No chance. Lowest this goes is $71-72 from here on in. The...

No chance. Lowest this goes is $71-72 from here on in. The lasted results have consolidated that bottom. There is also plenty of upside in covid. The virus weakening, fizzle effect, semi herd immunity reducing infection rates... Another 2 weeks the UK will be well and truely Over the hump and going about business as usual. AU will likely plough through even if rates rise now. NZ all clear it seems.

Small business in all three of these geographies have had a massive shot in the arm with specifically targeted stimulus measures. This should see 95% of them through the worst of it.

I’m also feeling the bounce back will be decent. A lot of pent up demand building in the economy atm.

Once severe lockdown is largely discontinued by June and SME’s don’t wholesale go to the wall xero’s revenues will be virtually unaffected. Growth will almost certainly outstrip churn if things play out as above. the SP should be back into the mid-80s where it belongs by June.