They have increased there FY earnings increase from 10-20% to...

They have increased there FY earnings increase from 10-20% to 20-30%. At 6.85 if it hits that 30% target then it’s PE will be around 28-29 assuming no increase in shares on offer. Repeat that grow in 2022 and you are looking at a PE ~22. Even reducing grow to 10% you are looking at a PE ratio ~20 at 6.85 FY24. Assuming grow of 15%/yr for the 5yr period 22-26 and using a PE ratio of ~20 (closer to MAQ) you are looking at $11-12. Thats conservative in my mind. The lending and MA will grow (think post GFC the MA opportunities) and they are increasing their target markets to accumulate their investment funds.