Great analysis Katavi. I think the major advantage with AFG is that they do appear to be pricing it competitively. My broker says he is bidding pretty hard as he reckons he'll get scaled a fair bit.
I notice that the SP of MOC (as a general rule) over the last few years has gone up while the interest rates fell. Generally this is the case since the lower rates mean increased business. I imagine (as you mention above) that this puts pressures on margins though. I suppose this is where good management is required to do their thing.
I was surprised also that pretty much everyone is selling down their holdings, however it looks like at least half will still be in escrow. I reckon that makes things manageable.
My 'gut feel' conclusion on this one at present is that it will have a bit of a stag and might do OK for the first couple of months, but it is not one I would be looking to hold long term.
