If that is the case then perhaps not in full run off.
However, in the FY18 report net loans receivable fell to 7.3m from 14.2m the year prior, a pretty drastic drop off. The 'online' business still made about 4.8m down from 5.2m EBITDA in FY17. Revenue was also a much higher percentage of the loan book in FY18 than FY17. Not sure what is going on there, though at effective 68% pa interest (4% per month on outstanding) and 20% estab fees, a high turnover of the loan book would generate a lot of revenue.
The balance sheet 'only' has about 2.7m of goodwill associated with the online business (cash train), mind you there is 5m attached to the branch network which they also might be looking to exit. I dug up an article from the Australian that says MNY paid 20m for the PAID Group which contained Cash Train and other brands in 2014. Seems a waste of the brand investment over the years to just wind up Cash Train, even with the stigma and more regulation on the horizon (Labor?). Surely with all those customers in it's database and brand recognition Cash Train is worth a few times sustainable EBITDA? Maybe even 20m (4 to 5 times)? Although that's probably to high with reference to the book value of the loan book now...
Were you expecting the write down of at least that 2.7m this year?
