The comparison with FY21 in terms of costs is not great. Their...

The comparison with FY21 in terms of costs is not great. Their 1.6 operating leverage should be higher in my opinion to demonstrate that the technology adds value not only in terms of administration and processing, but also with respect to client acquisition. Other than that, their lending metrics are good. The business seems undervalued, likely because markets want to see the performance of the loan book through this cycle, and is harshly valuing all lenders.