I do agree SP007.
I am quite happy to work off a coservative valuation. Especially as the price is still well below it.
The unknown is how much of the cash they will spend attempting to accelerate growth in the UK and will there be an acceptable return on that investment.
Even with a modest 10 - 15% growth in NPAT in the UK for a few years you could easily argue for a higher PE than 12.
