Dude, seriously I know we always disagree, but its generally me who is correct.
$1bn book will turn 8 times annually, which will give gross of $320m... so 160m net revenue... @AllFuelledUp said, their net is usually around 0.7% of TTV... so $50-$60m net profit.
Bell Potters own report, shows $15-17m in 19-20 off a $200-$250m book... Do some homework... multiple that by 4... honestly... A $1bn book will probably take a long time to get to... think after 2025, so maybe in time for grandkids.
Why compare to scotpac? Because I know you think this is a PAAS business, but in reality its a lending business, and it ends up running off the same principals... and for a consumer book, AFY just isn't that high yielding, for all the risk.
where is everyone, page-32
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