NU NU

The price pays for

• Revenue growth decelerating sharply from the recent 43-57% pace down to an 11.1% annualized rate over the next decade.
• A sustained free-cash-flow margin around 22%, which assumes operating leverage continues to offset rising credit costs.
• A return on equity of roughly 31-33% and an efficiency ratio below 20%, treating them as durable structural advantages rather than cyclical peaks.
• The current baseline of credit losses, including the recent 76% year-over-year surge in expected credit provisions, as a permanent feature of the maturing loan book.

It declines to pay for