Ann: CYBG PLC - First Quarter 2019 Trading Update, page-32

Thanks for the prompt response and for going to the trouble of digging out an older post. I believe that post (among others you have contributed to over the years) have helped informed my assessment of this company and its worth. 

In addition to the 12% end game ROE you mentioned, I think there's potential for some more.

My thinking is if management keeps underpromising and overdelivering as they have a track record of doing for the past 2-3 years now, the market will eventually bake further cost reduction (or loan growth etc.) into the share price. This could potentially result in a situation where the market starts to significantly overvalues the business.
 
Management has consistently deliver that little bit extra e.g. the JV with Aberdeen is a nice move. I've just started learning that ratios do not take into account is management quality i.e. extraordinary management teams can create "value" seemingly out of thin air. So I am keeping an open mind, but looking to add a bit more, once share price (hopefully) falls tomorrow.