Nice work Winner. Looking at the table you've produced HLG recent success is based on increased market share. the card spend seems pretty consistent but irrelevant. The card spend is consistently up in H1 then down proportionally in H2. interestingly HLG slightly more often than not post bigger profits in the second half of each year, when the NZcard spend is down.
The huge recent profit boost in NZ recently aligns with a sudden quite significantly improved market share. The question is ,is the improved market share (therefore profit )sustainable?
-i personally think the online platform is a significant boost , sustainable and growing.
-the choice of offerings for their targeted custom ares has been spot on. sustainable under current directors and staff but potentially fickle.
-Decrease of competition. Sustainable.
So despite a massive boost to recent profitability, it seems to me this puppy is going to sustain its new profitable level into the medium term at least. Then the market will then have to accept it hasn't been a one off and rerate the share price up another dollar or so to justify those juicy divis.