Yes, but I think the market will give it more credit for growth in the future (re-rate) and at 1.5 times that 351m book at 526m is still a yield of 8%, and the ROE is higher than that 12% at about 15%+, which is ultimately what compounds shareholders equity and NPAT, thus the share price. Not withstanding the risk that debt brings.
I also reckon that cash on hand deployed that ROE will increase, plus the opportunity to reduce funding costs in future and increased scale driving higher margins. I think ROE could grow to 17.5%+.
