I think we need to be careful using the PE as a guide to how...

I think we need to be careful using the PE as a guide to how "cheap" MNY is. I've been watching MNY for a while now and the price is pretty much linked to the book value / size of the loan book (as you would expect). MNY fluctuates between approx 80%-120% of the loan book value. If you take now as an example, the loan book is $351.9m and the market cap is around $351.6M so pretty much 1-1. When you track this over time, you'll also see the market cap of MNY increasing proportionally to the loan book growth. Considering the ROA MNY generates of approx. 12% then all this seems pretty reasonable. A PE of 15 would have MNY at around $2.95 and 1.5x the loan book value which I think would be overvalued as it will dilute that ROA pretty significantly.

My strategy for MNY is pretty simple. If it gets to 80% or less of the book value I buy more.