Perspective

Humm is hamstrung either way today.

Credit card market is falling so its only natural that will keep dropping. You may say well why dont they drop all these products. Reality is they can't, they have sustained profitability while attempting to transform the business.

They have been growing but they are playing in a market that is small and where APT and ZIP have frankly moved on from. Noone in those stocks cares about Australia growth now. the multiples of US growth and other top 10 markets including UK and canada

Humm has no choice but to follow and chase that growth. If the market wants to smash it as it wants to enter two international markets so be it. I rather no dividend if we can scale internationally.

But time will tell in the coming years as to where this is heading. If they can scale the business in these markets this will be $1 billion plus any day of the week.