bottom is in, page-75

Even then if it corrected to $1 billion Market Cap based on 1 times headline revenue .

That is not their REAL REVENUE.

In a normal business bad debts are typically no more than 5 per cent of sales income.

These BNPL companies measure bad debt as a percentage of TTV but that is not a true picture as they work on such thin margins.

At last financials Zip Credit Losses were 47 percent of income and last update showed these getting worse and are probably nearer 55 percent.

An impairment of this magnitude simply cannot be ignored or called a part of OPEX.

The only way to value this company is a 1 times or less multiple of its Real Income.

As more and more transactions are Zip and Pay where they only take a clip of the interchange fees, the bank and data costs are increasing every quarter and i estimate these being at 21 % in the HY.

So REAL income is only in fact 33% of headline income so 1 billion of revenue becomes 330 million.

If Sezzle takeover proceeds there will be approaching 800 million shares in issue.

If headline revenue for 2022 comes in at $700 million the REAL income will be circa $231 million

On a 1 times basis this equates to a share price of 30 cents a share.