Ann: Acquisition of St Andrew's Insurance and Trading Update, page-16

Thanks Ovation, nice one mate.

Bell Potter's estimates of St Andrew's EBITDA contribution is lower than I anticipated. Nevertheless the resulting P/E is largely in line with my back-of-envelope estimate and therefore the significant upside from the perspective of peer comparison.

I thought the FY19e and FY20e NTAs should be $138.6m and $160.5m respectively - not sure if it was a mistype in the report unless I'm missing something here?