You also need to take into account that the MNY business has...

You also need to take into account that the MNY business has fundamentally changed from what it was.
10 years ago it was soley a 'Payday lender' & even up to the sale the market still pecieved it as a payday lender even though it made a up a small portion of the business.
The stigma of being a payday lender has weighed on the share price many times over the years, with that lifted there should be a change in not only perception but also potential investors  (on moral grounds)  & funding costs (big 4 banks won't lend to payday lenders).

So although i accept the methodology that you use i think it needs tinkering to change the range of % on book value, 90%-130% or 100%-140% for example.

Personally i think fair value is around $2.35 until we hear next years guidance so anything below $1.95 i think is a strong buy especially with a 5%+ dividend.