Humm Valuation - What is Sensible, page-64

Yeah the market is waiting for official confirmation.

Market responded to updates from those in the space today.

HMY & MME with good updates.

CCP struggling at the credit losses level, especially overseas (that's what you get for buying bad loans in this cycle).

HMY is the interesting one as it focuses on personal lending (MME is more auto focused so prone to more cyclicality & is a turnaround play).

HMY ticked all the boxes on financial metrics - loan growth with good NIM & credit losses & profitability - that's what the market wants to see.

They're now on a norm cash NPAT multiple of ~10x - shows you the upside potential if HUM can nail it.

Hopefully HUM follows suit.

Also, it's good to see the yield curve unwind in the past week or so.