It is difficult to think clearly under the current circumstances...

It is difficult to think clearly under the current circumstances but I am trying to work out what IFL is worth in a scorched earth scenario.

They have $500m cash if ANZ falls over. ($1.40 per share)

They have a average free cash flow over the last 8 years of about 57c per share.

So at $4.60 take out the cash giving $3.20

Based on historical averages, cash flow yield is then over 17%

Today's announcement has bought massive uncertainty to the business which the market despises but it is a viable business with a large pile of cash to buy back shares.

Is it time to be fearful or time to be greedy??