Looking at some comparables for MyerOne... the Velocity business was part-sold (35%) by Virgin to Affinity Capital Partners with 4.8m members at an implied EV of $960m, and then bought back a couple of years later by Virgin when it had 9.8m members at an implied EV of $2Bn.
Yes, they're different programs in vasly different sectors, but Olivia has come almost straight from running the Qantas points program, so they probably won't look that different for long.
After Qantas, Velocity, Everyday Rewards and Flybuys, MyerOne is probably the next largest, and probably contains a lot of valuable "data" that has significant differentiation to the other programs.
MYR Price at posting:
87.0¢ Sentiment: Buy Disclosure: Held
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