WZR Flat: Released their quarterly trading update yesterday (we missed covering) and it was strong. 4Q21 sales were up +234% from $2.9m in pcp to $9.7m which was slightly above our expectations. This takes FY21 unaudited sales to ~$27.2m which is solid while 90-Day arrears remained very low at 0.92% with the average credit score at 780 vs. 771 in the previous period. Their newer secured vehicle loan product growth was +64% q-on-q while total loan originations were at $611m as at 30 June 2021 which is up 149% on last year. All in all, WZR have the traction on customer growth (more than 10% of total amount added in last 4Q), have managed to keep credit quality high / bad debts low and are set to deliver a good financial result in August. We own WZR in the Emerging Companies Portfolio.
MM remains bullish WZR
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