Wait until the repeat loan business starts kicking into the AU portfolio. Then you'll see real growth.
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Wait until the repeat loan business starts kicking into the AU portfolio. Then you'll see real growth.
How do you value these fintech direct to consumer lending businesses?
Well Latitude Group recently announced they paid AU$200M for Symple. A direct to consumer lender in Aus.
Symple has a $53m loan book which it grew over 25 months.
Lets check against HMY Aussie loan book... currently 3x Symple at $155m. It has increased $54m in 9 months.
Total book inc NZ is $517m
HMY market cap currently au$192m... hmmmmm
HMY cheap as!
Good news for NIM :)
HARMONEY PRICES $105M INAUGURAL ABS TRANSACTION Key highlights:
• Validation of Australian loan book o Top tranche of AAA rating (Moody’s) achieved with 34% credit enhancement
• Material reduction in cost of funds o Day 1 weighted average interest rate of 1.45% + 1 month BBSW
• Significant release of capital o 50% reduction in Harmoney’s capital required compared to existing warehouse
• Harmoney has also been awarded 4th place in the AFR BOSS “Most Innovative Companies 2021” for its Libra™ automated real-time credit scoring platform
I wouldnt want to be on the other side of these ABS myself :p
Not too concerned with share price currently. Volume is so low even I can move the market