I'm just a regular joe who reads the boards but don't comment,...

I'm just a regular joe who reads the boards but don't comment, but I felt compelled to comment something on this stock because people don't appear to be taking St Andrews effect into account. I agree with your comment on the value of trail commission, however beware it can easily be "broken", the PV calculation is highly sensitive to discount rate, premium growth and policy lapse (a 1% fall in policy lapse would reduce the trail commission by $3.8m, and apparently something like 20% people cancel their policies within 5 years according to ASIC).