Ann: Preliminary Final Report, page-63

Good point re the total value of originations vs loan book size, especially as loan book size is the primary driver of enterprise value (subject, of course, to the quality of the book).

I remain unconvinced by your statement that "the credit quality of the book is deteriorating". Yes they have increased provisions, but their % of loans in arrears decreased over the last year (not including loans deferred as part of Wisr's COVID-19 support packages - see page 16 of their presentation). I also note that their new car loans are secured, and wonder whether provisions for expected losses from these loans will be lower than for their current unsecured loan book. Perhaps you can advise on this.

As far as the gross yield and credit worthiness of Wisr's target customers are concerned, looking at the rates table link provided by tinhat (thanks, tinhat!) suggests that they have taken a 'Platinum Band' customer taking out an unsecured loan over 5 years for their example, where the interest rate is 11.45% (and the comparison rate 12.31%). I have no idea whether this example was selected as it is the closest match to their 'average' customer/loan...or for some other, more marketable, reason!