Ann: Trading Halt, page-25

CEO says QFE will be cashflow positive (unsure if he mean’s at ebitda level) in Q4 of FY23. FY24 is likely to be a belter year in my view. The lending business will have hopefully returned to 50+% growth in the US and the merchant payments business may even be up to the 90bp yield level. The Affinipay business, which management have eluded to, is a very similar business with no lending and generates 40-50% ebitda margins. It’s owned by a PE investor in the states and was purchased at a 10x rev / 20x ebitda valuation in early (pre-covid) 2020. There’s a lot to like here…