looking cheap at current levels

Just bought some FFF at $0.0530.

Looks cheap at these levels trading well below its implied intrinsic value on my calculations of approximately $0.118 (assumed ROE of 23% in 2011 and required rate of return on investment of 12%). Access to funding lines from NAB and CBA is a big tick from two major players. High sustainable ROE in the teens, a forward PE of around 4-5x, a deep discount to its intrinsic value (including 8cps run-off value) makes FFF an attractive target in my humble opinion.

Only slight negative is their reliance on a few wholesale bank funders however I think the positives definitely outweigh the negatives, particularly as the stock is trading at a deep discount to its intrinsic value...