"Listsure has supported over 8500 transactions since it began ,...

"Listsure has supported over 8500 transactions since it began , facilitating over $11.5 billion in underlying property sales, originating over $37.5 million in loans.Listsure is projected to achieve $3 million in revenue in the 2025 financial year, with the earnings before interest and taxes projected as over $8 million by year five". (source)

We looked into this briefly after the Openn Negotiation (OPNN) fiasco that this company was peripheral to last month (Ann: Administrators Update - Funded to Continue Operations).

Not claiming to be any sort of finance or M&A expert, but on from what we've read it looks like an awesome deal for the vendors. Axiom Ltd (AXI) is paying $2m up front for a business that originated a total of $37.5m of loanssince it began in 2016.

If we take an ultra generous 6.9% origination fee they promote (remembering a good chunk of the last 8yrs was ZIRP) and assume no bad debts, no rebundling of the loan, then that is a total of $2.58 million in revenue total over the last 8 yrs.

So what are we missing here? Obviously we don't know the previous 12 months of sales revenue nor EBITDA, but even if 90% of the above figure was earned in the last 12 months, then that is still a stellar revenue multiple for what is essentially a consumer lending business.

Listsure claims to have "facilitat(ed) over $11.5 billion in underlying property sales" though it is clear from the article that Listsure's revenue is not directly attributable to the total value of a property sale, but only on the financed marketing costs. Stating figures like 8500 transactions and $11.5b in property sales is just fluff and should have little to no direct impact on the valuation.