Ann: Trading Halt, page-27

We’ll if you apply the 10x revenue multiple to the merchant payments biz on LTM basis it’s worth $35m already.. you’re getting the lending and bnpl for free. Even if you cut down that multiple the valuation is compelling. Another thing that the market may not be pricing in is that Affinipay have grown their merchant payment volume at a CAGR of c35%. QFEs merchant payments biz is outperforming this at the moment, but even as it matures, annualised growth should still be 40% odd for a decade if it’s as successful as Affinipay.