Ann: Appendix 4E & Full Year Statutory Accounts, page-7

It is the valuation associated with their business model that is triggering some smoke alarms here.

As @travelightor pointed out, the ROE has been decreasing over the years from 40% down to 20%.

Every $100 they are investing back into the business isn't generating $40 anymore. It has dropped from $40 to $20. Will it drop to 10%? I don't know but the trend isn't positive.

Put a 20x valuation on top of that and the business is overvalued IMO.

At that valuation, you can buy a wide moat business such as CBA or a Westpac with similar ROE at a cheaper price. Less risk. Cheaper price and just slightly lower ROE.