You raise some good discussion points. Mean reversion the way I think is price not metric hence I think it goes lower towards 40 cents where support is.
I would challenge on the notion they use CGR as banks dont give capital as you say. I think that unwinds. Why you ask? read the daily press and the Banks have been told lend lend lend by government, plus they say they are open for business. They need lending growth to offset the falling NIM due to lower interest rates.
I would have also thought lower rates are not good for CGR? Plus Banks wanting to Lend?
Ann: Full Year 2019 Results Announcement, page-21
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