Millennial Accounting Standards, page-9

I regard this business as still in start up mode and is embarking on a quick fire growth. The opportunities in the U.S are incredible if they can get it right. There is a huge market in the 18 to 25 year olds where there are millions without credit cards.

When looking at debt, you have to also consider what that debt is being used for. A large part is for growth and not just survival. Thats an investment in my mind and to make its mark in the U.S, they need to spend. But the spend is largely a single time for multiple revenues. Clever, I reckon.

The Balance sheet could read better and the SP has a massive element of future success but it's times like these that you need to look outside the Balance Sheet a little.