CEO says QFE will be cashflow positive (unsure if he mean’s at...

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…