Reiterating 10$- Nov 2020, page-86

I suppose we can agree then that the OP point that Z1P has better bad debt performance to peers is incorrect (acknowledging the diversification benefit etc but that's not really relevant to the point).

I thought it's worth highlighting this mistake because bad debt performance for BNPL companies is extremely important due to the thin margins that we are working with. Z1P's share price took a big hit following their half-year announcement and I couldn't see any negatives in the whole report with the exception of the increase in default rates (although a decline in arrears rates which bodes well for future credit losses).