the valuation is poorly done:
1) the peer multiples assume ongoing business multiples which is blended with the DCF which assumes the business is in run-off mode - but the author doesn't not seem to explicitly realise they have not allowed for new business in the DCF.
2) additionally the DCF relies on the accounts and the amortisation ratio's which they claimed to be "fake" due to their smoothness. It makes no sense to suggest fakery and then input these numbers into a DCF.
3) if the accounts are fake, the lending product illegal, and funding is pulled, did they even consider perhaps its worth zero?
CCP Price at posting:
$18.84 Sentiment: None Disclosure: Held
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