Ann: Business and Funding Facility Update, page-48

So just to reclarify, if we use a direct comp from Klarna... they are running at a valuation of around $1m per $1m in book... so $2bn book, $2bn business... pretty crude measurement, but they are at size and it just backsolves... so by the same token, if we apply that theory to AFY, who are on a $60m book...and valued at $540m... by Klarna's own metrics, they are nearly 10x overvalued and with nowhere near the addressable market size.... and $1m val per $1m in book, is already an expensive proposition - @Mexicanandre @dubspec ... definitely puts how silly this all is into perspective

In fairness, because they are growing, you would discount their future book size, at maybe FY18-19.. because they have the equity and lines to get there... so $200m at a stretch for a valuation...which is hugely generous at 3-4x current book to dollar multiple.