You could rephrase the post cap raise price action to, as soon as it got back near previous levels the market dumped and ran. It was the first time it broke trend in 6 months.
You also get they have 3-7 year terms so they need to keep growing as their book amortises quite rapidly. Most of what they originated in 2018 would be gone, so you have to keep an eye on growth as it relates to loan book balance as it will stagnate soon enough unless they can find more growth.
I would love to know the terms of their NAB facility too, is it 90 day bill rate, fixed interest rate? Money hasn't been this expensive since 2018 and it is looking like it may yet get to near GFC levels at its rate of growth.
I hope you are all right, and you get to come back and say I told you so, as I said just here for a trade and trying to pick the bottom of this stock.
WZR Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
