Appreciate your thought.
My main concern is the margin structure.
I do not have much expertise in accounting but I saw the bad debt is more than 1.5% and I am not sure about the retailer margin - Let's say if it is 5%, then around 3.5% is the remaining profit, and after removing interest & operating cost I am not sure if Zip is still profitable.
Any thought on this anyone?
Future of ZIP & BNPL, page-4
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