I agree that today's SP action was an over reaction to this morning's SEC release, especially around the bad debts.
Whilst i don't like the way the percentage has crept up in the last few quarters, I also think that if SZL had lost the plot on Bad Debts then Discover would not have invested $30M USD recently (and Discover should know a thing or two about bad debts given their core business).
PS. I like this little tidbit from the investor call announcement - "July represented a new monthly high in Underlying Merchant Sales (US$150.6 million); we crossed over the 3.0 million Active Consumers mark".
Puts us on target for $2B of UMS (probably more likely $2.5B with current growth) for the next 12 months. Wasn't it only just prior to last Christmas they were spruiking about hitting $1B UMS pa?
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Ann: Second Quarter Results Presentation, page-11
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