Yeah true. Maybe it's not that. I think it's also seen...

Yeah true. Maybe it's not that.

I think it's also seen as a very stagnant company. There's little innovation and they're probably not seen as a growth company. PE of 10 suits them I think.

When I worked for a retail company a million years ago, I remember always thinking latitude was a drain on the business and was the biggest sack of shit around.

They charged 10%!!! on sales back then if you can believe that.

10% merchant fee, $25 est fee, $99 a year account fee.

Tried to leech off of EOFY and Christmas sales by offering a couple percent of their fees in exchange for the retail company pushing their garbage product in stores.

Seriously if you compare those customer/merchant fee numbers to BNPLs, and the fact BNPL is expected to turn a significant profit. It makes you wonder wtf Latitude did with all of that revenue through the years considering their share of the credit market.

That would be my biggest concern if I was considering investing.

1. Why are they only worth $2B after 20 years as the top non-banking credit lending entity in Australia.

2. Where did all their money go? And if it did get reinvested back into GE, why wouldn't GE let them keep a large portion of it to expand if it was seemingly so profitable?

3. Where is the innovation??