Ann: 4Q22 Trading Update Record Revenue And Secured Asset Scale, page-14

$30m cash profit would be very good, which might be equivalent to 10 PE (if not for the accounting rules). That would be very cheap for a fast growing company.

I don't know whether $30m cash profit is realistic.



MNY with $480m market cap. Screenshot >6 months old.


MME with <$200m market cap.



MNY seems more mature, showing a strong (25%) NPAT margin. But other than that, MME shows very strong/undervalued numbers. Apparently greater scale than MNY already, and growing faster too, with more and more overlap in the same auto loans industry.

Being mature is a margin of safety however, as it proves that they're grown to where they are without taking on excessive risk.


Possibly MME is undervalued by >50% relative to MNY.