re: all time high Stock very hard to come by, earnings should...

re: all time high Stock very hard to come by, earnings should come in at around 8cps this FY; eps grew by 65% last year.

A PE of 10 (which is small for such a high growth & dividend paying stock) would give AFC a price of 80c. A PE of 15 - $1.20.

A classic GARP stock but don't expect PE multiples to expand too quickly, AFC is still a micro cap, institutions find it hard to acquire a decent holding and the market probably still wants to see some runs on the board.

Not without risks (they have spent money on expanding an underachieving division and are trying to grow it which involves costs & the IPF business faces stiff competition) however having worked in a similar business, I can testify to the annuity type of business they have established. The loan book just grows incrementaly, costs are fixed and the cash just rolles in.

Eventually I predict Pacific Premium Funding will take them over. AFC has followed them into Hong Kong.