it's all over!!!!, page-251

I really have no axe to grind either way. As someone noted above this just fascinating to watch. Implosions of this magnitude are rare. Im sure there is some upside, but I dont see it, seeing only arrears and bad debts increasing by 20% this quarter, reducing the size/cost of the collections group and having to spend ever more to stay in the race. What can possibly go wrong ?. Words like Christopher and Skase come to mind. But anyway as you say DYOR.

The intangibles, are rubbish, essentially the capitalised cost of writing the software, and at some stage need to be amortised or written off. Not of any use to an acquirer, especially klarna or Paypal who have their own software, and not much of a market for second hand bnpl software. Goodwill is just the extra money they paid when making acquisitions. ie they see some value in the brand names they bought.

I notice on 22 march they did release customer numbers. 11.4m In my previous (optimistic90 assesment I figured customers may be worth $10 each. This puts an enterprise value of $110m or roughly 1/6 of where its at. Upside - someone may find something useful to do with these 11.4m customers; downside - someones got to clean up this mess. Value ? 0.07c - 0.14c I do hope Im proven wrong, but right now it looks like it's rather rapidly achieving this.

A deep dive into the sector was written on 10th May. Essentially it makes no sense to spend more acquiring a customer than youre ever going to make from them. Pressures from merchants, regulators, customers and funders are making this increasing challenging.
https://www.retaildive.com/news/buy-now-pay-later-players-losses-grow-as-costs-soar/623489/

| Note This is not financial advise. Purely a private opinion. DYOR |