Also, on the book turn... Do you not understand, retail as like all business is seasonal... Only in a perfect world you can perfectly match incoming receivables with outgoing flows... in reality, seasonality dictates everything, and as a result, you will have inconsistent utilisation, you just don't notice it as much in the beginning because the business is growing...
But if you had a finite $300m book and growth had stagnated which it will, and your lines are at capacity, you will see that 6-9 months of the year utilisation is at like $150-$250m, then it spikes to $300-$350m in peak... which when you extrapolate equates to far less than 12x annual turn..
Do yourself a favour and speak to some hedge funds or PE firms who actually play in the commercial/retail finance space, and they will tell your metrics are moronic... and the only reason they might have a holding in AFY, is because they think there are enough schmucks out there, like you, who believe the same dross... god knows I've invested on that basis before, but never publicly, because thats just stupid.
