Another ~2m pre tax drag from legal in second half. Now with the NZ action, do they get change from 10m all in?
Tightening credit underwriting is interesting. That should further cushion from bad debt increases in the business in FY25. Cost to growth though...
Sadly, profitability and margins have collapsed. Sounds like most of the elevated costs around compliance and cyber from the first half are here to stay, and award wages will get another solid bump in July by Fair Work.
I think the stock can re-rate if and when we are on the cusp of rate cuts. FY24 will surely be a low for margins.
SVR Price at posting:
$1.18 Sentiment: None Disclosure: Held
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