At what point is the market valuing the Personal Loan business at $0?
Some rough estimates suggest that the two smaller operating segments (corp stores + franchises) almost account for the current MC (~$123M) alone:
- The ~71 Australian Corporate Stores generated a NPBT in the HY17 of $3.6M. Annualised, and after tax NPBT is $5.04M. At a multiple of 10x, we've got $50M.
- The (expanding) Franchise Network generated a NPBT in the HY17 of $4.3M. Annualised, and after tax NPBT is $6.02M. At a multiple of 10x, we've got another $60M.
Seems reasonable to bet against the consensus here given that whilst it's unlikely the PL division will go to $0, we can pick it up for that figure and get whatever it ends up being for free.
Oversold?, page-26
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