Ann: Business and Funding Facility Update, page-52

not comparable sorry

your investment managed to grow underlying sales to $10b WHILST in 18 countries, 12 years since being founded and has 1400 employees - way higher overheads. further to this, interchange fees are completely regulated across europe at a much lower rate thus selling a 3-5% fee becomes far more difficult for klarna. further again, klarna is a complete online checkout substitution, where klarna runs retailers entire checkout operation, a more capital intensive process.

there you go comparing a relatively mature business to one going through rapid growth phase and trying to line up their multiples... that's not how it works

not to sound too overconfident, but with latest nab facility and bluechip retailer wins, expansion into NZ and travel/services will be a lot easier for AFY than what it has previously achieved. i believe the SP and performance of this company will continue to be a thorn in your side for sometime yet.