they already updated the market on this in their previous note. (im amazed how many times people ask questions on things the company constantly updates)
3.5% all in cost of funds, with a 13% top line margin, giving them 9.5% NIM less losses
arrears typically been 1.5% (historically), so 8% NIM/margin.
so every $100M they write gives them $13M revenue and $8m profit (less op costs). looks like their annual run rate heading to $200M atm, so they'll have a $500M book within a couple of years, giving them $65M in revenue per annum (with annuity) and assuming costs blow out to circa $30M, then say $30M of EBIT
WZR Price at posting:
6.6¢ Sentiment: Buy Disclosure: Held
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