I find this rather comical, being typically a value investor.......

I find this rather comical, being typically a value investor.... fully diluted this share is at over $400m in marketcap and does gross revenues of $200k-400k, off around $20m in merchandise sales... and it has been around 1.5 years.

Most of that $200k is being passed on, so maybe $50k is revenue realised by the business - so like 50 bips per transaction....unlike ZML where they actually do the lend, but then will ultimately be limited by loan book size and inevitable dilution in order to mantain debt equity ratios...

So at $400m market cap, a number usually reserved for businesses with NPAT > $20m... take a business with similar margins OFX... it does around $25bn in transactional volume by comparison... this could take AFY 10+ years to achieve ... if ever... so I am struggling to see how this business is not 20-40x overvalued as is.