I own and have followed for a long time.If you annaulise the 2H,...

I own and have followed for a long time.
If you annaulise the 2H, very strong growth in FY22, noting that the 2H is seasonally challenged, so FY22 should be better than 2H21 annualised. Is low P/E relative to peers and high growth next year, imo.
In relation to a capital raise, this is a finance stock and debt is like stock. They put up some equity against loans (maybe ~5%), so look at cash + receivables - debt - payables, a big surplus in net assets which means a raise is not required if it grows. This stock can grow a large amount before it needs to raise and it raised in FY20 for the failed deal, which unfortunately has hurt FY21 eps growth and has held the stock back. It also only does secured lending, which requires less equity to supprt than the unsecured lending offered by some other companies mentioned in this post. Very different risk profiles. Extremely low risk of a raise in the next 2 years and can easy expand warehouse facilities if it gets close to using headroom, imo.
Dividend payout ratio was increased. If you think they need to raise to support the dividend, you are effectively calling the management spivs and you should not own the stock on that basis. I believe they are paying out more in dividends because they can afford to. Mgmt own a decent stake and paying out a high div and then raising to support it is receipe for their own wealth destruction, they surely understand this - they have been around for some time.
Own it for the eps growth next year and as the on-line platform grows and is communicated to the market, it should get a solid re-rating.