Anyone want to play devils advocate? While I do think the...

Anyone want to play devils advocate? While I do think the current price is cheap I have some worries

Of the $70M in operating cashflow in FY20 their loan book shrunk from $220M-160M. So are the operating cashflows really so rosey if the once off event of people paying back loans is excluded?

The rationale for why the loan book has shrunk so much is that government job keeper payments are being used by individuals to pay off their old debts early and COVID is keeping people from applying for new loans so old loans are being closed much faster than new ones are being opened. This will probably continue from Jul to now (particularly in VIC) so we could see the loan book continue on the steep shrinking trend. If cashies arent lending money then they arent making interest!

I also wonder what happens when job keeper ends. Will cashies see an uptick in bad debts from those that held on, did not repay their loans with the extra government cash and now cannot service their debt?

I'd like to be proven wrong on this so I can spend some money