An outstanding feature of the Annual Report and Investor Presentation was the Investment portfolio of $9.66 per share with a running yield of 4.4% which works out to 30 cents per share after tax . This earnings stream is high quality and if valued conservatively at the average long term ASX PE which last time I saw it was 17.9% would value this income stream at $5.31 .
Giver the current share price this valuation would ascribe a negative value to the rest of the business which happened to have earnings in 2023 of $50 per share.
Ann: 2023 Full Year Results Investor Presentation, page-16
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