Ann: CYBG PLC Third Quarter 2019 Trading Update, page-139

Current P/B of 0.36x. Wow.

Correct me if wrong, would an appropriate way to think about this value proposition be as follows:

For each $1 of CYB stock purchased, one will "receive" $2.77 (1/0.36) of underlying tangible (excluding minority interests etc) equity ownership, currently returning 10% p.a, with the potential to return 12% p.a within a few years?

This is just madness - the business appears to have become completely seperate from the ticker code - almost like two totally seperate entities.

Is anyone aware of any intelligent analysis or viewpoints demonstrating any legitimate current risk exposure to significant and permanent loss of equity? I would be very interested in reading alternative views based on proper* analysis (if such views exist?)

* Not "Brexit = significant and permanent loss of equity. Especially for CYB (as relative valuation implies)"