How FC financing works for BIG, page-277

Here is how I see it form a conservative viewpoint but also more realistic IMO


$2m in advertising for the Q (tick) I'll assume ongoing for now
792 FC customers x $8200 x 76%/4 = $1.2m Q (tick)
Non financed = 3300 x $8200 AVE = $6.7m Q (tick)


** So what do you do with the FC sponsored $18m or 2726 "potential" customers and the USA cash of $2.7m with 462 (sponsored) ?

I'll suggest true take up or approval rate is 30% so $21m ends up like this...

$21m @ 30% = $6,300,000 (ill assume comms have already been taken)
$6.3m x 41% (still to be paid to BIG)
= $9m roughly total "realistic" revenue
= another $2.25m per Q


So I've got the following :

Revenue $50m
Costs $44m (using last Q)
EBITA $6m
EPS (fully diluted basis) 2.7c
PE 20 = 54c
PE 30 = 81c
PE 50 = $1.35
PE 75 = $2.02
PE 100 = $2.70

Thoughts?