Ok but the deferred tax assets are not of 0 value. If you...

Ok but the deferred tax assets are not of 0 value. If you discount them to the present using a slightly higher than normal discount rate (as there is a risk they do not make future profits, although unlikely), then take that value off the market cap, then you can analyse the underlying properly.

I was listening in to the conference call earlier, and they said that the future credit card products have had a majority of their upfront capital expenditure paid for, and that they expect overall their costs to either level or decrease (also accrediting the increase in loan quality to reducing borrowing costs) even with increases to the size of the loan book (as seen this year). If true, that is big and I might feel a higher PE ratio than 12 is suitable. If false (without legitimate reasoning), lying combined with previous poor management choices will reduce my outlook on the company.