Dog of the year., page-12

FXL is a very different company with very different products to the likes of APT and SZL. Don't be fooled into believing that all BNPL products are the same. Smaller valued, high frequency purchases with a turnover cycle of 6 weeks carries far less credit risk, meaning lower provisioning required, lower losses made. Equally important is the fact that smaller, high frequency loans are far more capital efficient when using funding warehouse facilities.

For those that understand the sector, FXL being where it is is no accident. Even at these prices it'll continue to get outperformed by the other, more nimble businesses. If FXL had mate the transition 2 years ago we'd be looking at a BNPL market leader now with a SP north of $10. AIMO