Ann: Presentation to Macquarie Emerging Leaders Conference, page-80

Interesting to see the carnage continue. Had a buy order for another decent parcel at 2.10 which didn’t get hit today. I suspect it will get soon, and depending how the night goes overseas I may even amend it lower before the open tomorrow.

considering I liked this stock at 2.50, adding another 20% discount to the entry point and averaging in lower is even more compelling.

No idea what it will then do over the subsequent 1-2 years, but it has a lot of structural tailwinds and growth drivers over a 5 year timeframe, ie rising contactless payments, increasing merchant footprint, domestic reopening, international reopening, immigration and population growth, business lending, business term deposits, new segments beyond hospitality/ health, new business verticals and synergistic cross sell opportunities of new products to merchants , data plays given the huge amount of merchant and consumer metadata (like the data play angle of Xero) and other optionality availability to those lucky few within the cost oligopoly of those with a banking license.

I’m not trying to pick the bottom and could get catching the falling knife here, but my sentiment is buy. The only question is whether to keep hoovering up parcels now or to try and pick the bottom. I can’t imagine the bottom could be much lower given their absolute revenue and revenue growth rates and the forecast revenues once we are fully re-opened.