Ann: Chairman's Address to Shareholders, page-11

"@madamswer with the recent pull back in the share price would you consider this a good level to enter? "

Not particularly, I don't think.

To my way of thinking the stock's valuation has gone from eye-popping (Refer: https://hotcopper.com.au/posts/34673550/single) to merely reasonably and fairly valued today, with the prospective FY2020 P/E and EV/EBITDA multiples of, respectively ~14.5 to 15.0x and ~9.0x to 9.5x, being a little shy of those of the broader market [*].

For me to feel that SNL is a clear band compelling buy, and making me to add to my holdings, would be when the stock was trading on P/E and EV/EBITDA of, say, 12x and ~7x respectively.

Which translates into a share price closer to $2.80.


[*] Ordinarily, a highly illiquid, micro-cap stock such SNL would trade at a meaningful discount to the broader market, but SNL's impressive financial track record over many years, and the prudent way that the company's capital is managed which results in ~25% ROE, warrants a negation of most of that natural discount, I feel.