TYR - Target Price of $3.5 in March, page-17

Tyro - bank debt/ borrowings - rise in interest rate exposure - NIL -

Tyr has no bank debt, its business model does not require debt

Tyro model is a payments process company, it processes consumers money in a transaction and gives it to its customers -

BNPL models borrow huge amounts of money to fund a merchants transaction by lending to a consumer which it hopes to recycle a few times a year.

BNPL ers borrow funds which will be directly affected by a rise in interest rates, which affects its margin.

Tyro/ digital payments businesses dont have a need to borrow ever larger money in order to operate and deliver top line transaction growth, they merely rely on a rise or fall in transaction volumes to generate top line transaction growth and margin.

sadly Tyr is lumped into the popular sector of BNPL

BNPL sector will see a compression of margins as they are directly affected by the cost of money.