In terms of a fair valuation, I could see that it would be...

In terms of a fair valuation, I could see that it would be reasonable to add in about 30 cents for a likely capital return. And let’s concede the stock has been oversold or that the future earnings may have been underestimated or that the multiple should be higher on what is intended to be a growth business.

if you allow for all this you probably get back to about a $3 valuation based on what we know today. This is a bit less than it was worth than before the life insurance/mature business sale - which makes sense. 

So is there a reasonable case for buying or holding? Yes.

is there a valuation basis for $5 or even $4 in the medium term? Not that I can find. Even allowing for a capital return, the now smaller business would have to produce as much profit as the previously larger business had in the past in a good year for insurance. How?