Ann: Business Update-SIV.AX, page-18

Its amazing they don't trade on a higher multiple. Came across an April morgans report that valued them at 14x. I think even 18x would be reasonable so long as Canada grows (even if Australia does not) Most companies are busy trying to grow in a saturated Australian and NZ market or make overpriced acquisitions to help cook the books, whereas these guys have expanded in to Canada organically. Looks like SIV are one of the very few who have successfully grown in another market. Maybe I'm too excited about Canada as its only a sliver of earnings at the moment, but its bigger than Australia and NZ together. I did like the comment on looking at a wholesale funding arrangement. Banks are obviously happy. These shares are going to sit in my bottom drawer, but in a good way.