@RoE
a. We know the company can do at the very least $4m NPAT/year ($2m x 2) on $63m loan book due to HY15 results.
b. Due to point 2 in my previous post, and the company increasing their loanbook by $9m in HY15 - we're probably talking ~$5m NPAT per year. Point 2 is very important to understand. All the reported profits are understated because of this.
c. At $100m loan book, and with economies of scale, $10m NPAT per year doesn't sound like too much of a stretch.
Cheers
Michael
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