this isnt' Zip. its a consumer lending POS finance. not a BNPL service. thats only recently added- i believe in august and doesnt represent any material earnings and is subject to competition with Zip and Afterpay and others.
Way too expensive- its trading at a premium to banks. Growth has been very benign lately - as mentioned in the prospectus - their interest income is flat forecast, with only RBA cuts reducing interest expense, giving them an artificial boost in Cash NPAT.
their core business - POS finance is at risk from BNPL platforms.
IPO - Latitude Financial Group Limited, page-9
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