I don't think it is.
Its (bad debts) are 12.3m/103m revenue
For mine, based on 12% bad debts on current YOY revenue is a fair precedent for the entire loan book. Worst still, its net of recoveries so gross bad debts are higher?
Also would need to know what they deem or class bad debt?
30 day arrears, 60 days, 90 days, 180 days, unrecoverable? written off?
Bad debts were similar the year prior on similar revenue.
Roughly $20m only in SACC or payday type loan revenue, wonder what the breakup is of the bad debts, could be 50% of SACC's written or none or some figure in between, or could relate to auto loans, hard to know for sure.
If your tearing up $12m on every $100m in revenue its a concern worth finding out a bit more about IMO, will see if I can get a breakdown.
MNY Price at posting:
$1.74 Sentiment: Buy Disclosure: Held
