Another Misunderstood Spin-Off, page-46

Hmm 20 years of poor stewardship - lots of long hanging fruit to pick. Makes sense.
I like how they hold so much deposits and aren't as reliant on wholesale funding. PPI well remain a drag for some time though.

So my q is where do u see fair value? 1x book or 1.5x ?There's no question in my mind this is still undervalued but I haven't worked out how much margin I've got for error at 0.6-0.7 times p/b and whether I should allocate more funds. Interested to get your view Adam.