Ann: Leading Online Education Player Joins ZML Platform-ZML.AX, page-7

Bubby,

I'd love to understand why you think its so cheap, considering this business ( and AFY) are just consumer finance loan book plays?

I see it as ridiculously expensive, considering at some point they will have to raise more equity to grow their book further and further.

Considering FlexiGroup is $900m, has a $1bn book and is trading at 7-8 PE... ZML and AFY are ridiculously overpriced... they are essentially going after that Pie and are both about 1/100th of the way and valued at 1/5 and 1/3rd respectively...

In private markets these businesses would raise at 1/10th (in AFYs case 1/20th) the value they are sitting on here.

To me the over-inflated ASX prices just show the drastic effects of what low interest rates and the resulting property bubble can do to the investment market