Ann: 1H 2023 Results Investor Presentation, page-8

Morgans have commented on the soft revenue result. Nothing was said about the effects of the increase of 15% in the Govt tax on banks. There was comment on the tight cost controls and the effect that it had on the bottom line. They have it as being too cheap and put a target price of $1.09 on it. However Morgans have always had quite high targets on KSL which have rarely been reached so I see the analyst's pricing as probably a small step too far. But IMO it is mispriced and should definitely be valued more highly than it is at the moment. Other points you raise are quite valid and should be considered before investing.