No problem. Unfortunately, there's a big fat-finger error in...

No problem. Unfortunately, there's a big fat-finger error in there (which is a little embarrassing) - i had employee costs as $9m annual whereas they're actually double that, at about $20m p.a. I think the error came from the fact that i looked at the 1HFY17, saw ~$9m for the half, and inexplicably didn't annualise the figure - the perils of doing basic modeling after a few glasses of wine. Doesn't have a dramatic effect, but knocks about $0.10 off the per share NPV.

If i wasn't such a believer in the 80/20 principle when it comes to financial modeling, i probably also would have spent some time adjusting for US taxes and currencies etc. given half their business now is US-domiciled, but as an indicative only exercise i didn't think it was worth my time to get a general feel given the valuation is overwhelmingly driven by two key assumptions, being 1) how much income they are likely to get from their existing $3.4bn claim value book, and 2) how much more they have to invest to reap that income.