$2, page-8

I'm skeptical.

They are valuing the unlisted JB Financial at $93m.. presumably using PE of 14.9 mentioned in 28/2 announcement

Bell Financial (Bell Potter and Bell Direct) is a very similar business listed on the ASX. They have a fantastic brand, network and been established for years.

Their Market Cap is $178m and trade on a PE of 10.

Is JB Financial the single biggest bet HML has made?

Is HML fast becoming a financial service company rather than a hedge fund?