Thats massive! It doesn’t surprise me though given the Affinipay...

Thats massive! It doesn’t surprise me though given the Affinipay valuation when TA associates bought it. Thorney would know that eventually QFE will need to switch stock exchanges to unlock a better multiple in a more understanding market. QFE management have mentioned this albeit briefly. At present (given the company’s origins) QFE appears to be valued like a lending business with a multiple of loan book value. I disagree with this now that there’s a clear emphasis on growing the merchant payments biz (Affinipay peer). That’s what the main objective of the Qube project was.

The lending business is also like a professional services equivalent of CareCredit which was a business built by GE to help individuals fund medical expenses. The CareCredit business is part of US listed co synchrony financial and known to be pretty damn good asset. I’m trying to work out the nuts and bolts of that business and what the valuation mechanics should be.

anyone have any thoughts on this?