Takeover will unlock value ?

Equity staying this cheap is not really good for shareholders. It results in takeover at some point by deal hungry private equities flushed with cash and future value goes to the bidder.

Lets detach BNPL and look at his from a different dimension. A valuation play.

An annualized profit of $80 million trading at 5.5 times market multiple. If this isn't crazy I don't know what is.

If you apply an acquisition multiple of 12, then share price would be $1.93.
Multiple of 15, share price should be $2.42
And so on.

Banks wanna get into BNPL right? Here is it - staring at their faces. It is called acquisition and consolidate.

Being a business minded person, high margin businesses like these are cash cows.

And this is the only micro-finance or BNPL provider in Australia that makes money. This is also crazy.

Risk vs Reward has never looked so asymmetrical.

If I knew chairman I'd suggest him to issue $200 million worth convertible notes and use most of that to buyback shares. Without anymore delays. If this wouldn't be a crazy deal then don't know what would be.

Open for feedback.