It's just the beginning for Spenda!, page-3042

@Fiendish it's just a polite counterview, you're welcome to ignore it. Yes, you are investing in an idea, but as a general rule everyone else except newbies invests with a view on future cashflow potential. The "here's a great idea!" froth of 2020/21 was never going to last, and the market is doing what is always eventually does, which is reverting back to judging companies on their actual/projected financials. It doesn't take a very long look at the Spenda 4C's over FY22 to date to figure out this will run out of cash fairly quickly, and will be going back to shareholders asking for more. I do find it strangely bemusing that the same people who were telling me valuations don't matter at 5c (i.e. yourself, BigKenny) still think they don't matter at 1c. But to address your question (which is a good one, as it is focusing on financials, not "the story") -

Lets hypothetically fast forward to Sept quarter 4C.Lets hypothesise that we get a 50m DW and max it out quickly.How do we look then? Very underpriced.

I would say: no, likely not underpriced: it all depends on one thing: what are your earnings from the debt warehouse? It doesn't matter how much you are lending out if you're only earning fractional amounts from it, given you need to cover a) the cost of the lending facility and b) bad debts, after which c) you then need whatever earnings are left over to start covering the cost of your operating expenses (which as stated are currently $2.6m per quarter!). Remember: a debt warehouse is just an empty bucket: you then have to fill it with actual loans. Will Adrian be able to deliver those deals? Past performance here might be a sobering guide.