I completely agree that this is a unique finance proposition, and is extremely efficient in its use of funds.
I just think markets value growth, and potential return on assets is impressive BUT ... I think the markets obsession with rewarding growth is fine for your typical SAAS/tech play... its just not fine in scaling a finance companies an extreme pace, particularly in potentially onerous segments of the market, where we already know this country is exposed to extreme levels of debt per capita, card arrears, car lease arrears, mortgage arrears and extreme asset overvaluation.
Comparing this business to facebook is futile...
What basis do you value this business on? Can you share your own thoughts and comps?
@AllFuelledUp @dubspec ... not sure if you want to comment here... I am a bit busy on 2 deals this week, so dont have the time to really open up at length
