Share Price Catalysts, page-68

Listening in to the investor day on Thursday, I was disappointed by the level of understanding of Genworth by the analysts who are paid to cover it. Sure it is a complex business and the only of its kind listed on the ASX, but they really don't get it. I wonder how much of the persistent undervaluation is a result of analysts failing to understand it.

I was also expecting to see a few revised price targets for the various analysts - but I was expecting the revisions to be upwards, given how incredibly bullish Genworth's management were in the session.

Not surprised to read this garbage from Macquarie. Check out this piece from Macquarie six months ago - suggesting a valuation of Genworth at about $0.08 - yes, 8 cents (or 2% of NTA) if it lost the CBA tender. Should have been more like $6.00 as the book value would be crystalised and returned to shareholders in a few years. The maths used to arrive at the 8 cent valuation was embarrassing and demonstrated a poor understanding of accounting concepts.