In short, no. Have watched this since listing. Buyers in the IPO had growth blinkers on, hot sector but was already showing signs of maturing with bigger fish coming to play. Every presentation, quarterly, whatever has been the same, look how much we are growing, we have all these new customers, blah blah. The underlying picture has been consistent. Gross losses are the growth story. No margin to be had here. Not sure what it is like in Aus but things in NZ are starting to tighten. Interest rates rising, and for some they have never seen their mortgage rate go up. Petrol has hit $3 a litre.Fruit and vegetable prices are disgusting. Headline inflation at 6 and part of the spending over the last few years has been topping up mortgages to consume, and now the worm has turned.
Long story short, IMO too many of their customer base can't, won't, never intended to pay. IMO its gets worse from here, not better. I struggle to see who is going to support.
LBY Price at posting:
14.5¢ Sentiment: Sell Disclosure: Not Held
