thoughts on the half year report, page-6

Hi marmaduke, I follow your blog with interest and have read your analysis based on dcf valuation for mnf.
I think your analysis is conservative which is good as it gives a margin of safety , but I've missed out previously by being conservative especially when it comes to growth companies. I expect mnf to grow at a higher rate than you estimate with high roe maintained throughout and I believe the market will rate it at higher multiples accordingly. The intangible value is the managment skill at acquisition and my opinion is that this skill is it's competitive advantage . It is often difficult to out a price on such an asset as it's not included in the balance sheet.