Ann: AFY and TCH Merger - Touchcorp Scheme Booklet, page-10

still very undervalued as an entity (see below), but tracking on par with .64 valuation against Afterpay (although it was slightly undervalued till today — AFY has fallen (like much of the market), but TCH has held). Main advantage is not having to pay brokerage (assuming you already hold), or getting in whenever the valuation dips out of alignment with AFY.

Morningstar Quantitative Ratings

	Column 1	Column 2
1	Valuation Rating	Undervalued
2	Fair Value Estimate	2.393
3	Fair Value Percentage Diff	25.63%