Expectations for 2017 Results, page-7

That's a good question. I do think the 26.5 mil options on issue have an impact as well as there is some dilution (~17%) that needs to be factored in.

MNY's biggest problem is finding the money to fund the loan book growth. The loan book is projected to grow by ~$70mil in FY17 compared to $27.5 mil earnings so MNY need to find the balance from borrowing. Certainty around funding is probably the major reason the anticipated loan book growth isn't factored in to the price.