I agree smack23. All of my purchases have been on the blue sky...

I agree smack23. All of my purchases have been on the blue sky potential of Key, and will continue to be so.

I'm a numbers person, so while we wait for the potential to unfold it's nice to play with the numbers from time to time. Of course recognising, as noted by Oke, that there are other benefits from the UK purchase that can't be quantified in this way.

If nothing else it gives me confidence that Key management have paid an attractive price for the UK assets (I'm not a fan of ROI which is used in the Key presentations, hence my desire to restate in terms of DCF). Downside risk is diminishing, and Key is on it's way from spec to mid-cap. It's nice to be on board.