Ann: First Quarter 2024 Trading Update, page-2

So negligible organic growth, but unsurprising given the subdued mortgage lending demand (80% of VUK's business) in the wake of rising interest rates.

The consequence of this lack of growth means the business is generating surplus capital, which is being returned to shareholders, mainly via share buybacks, at a rate of around 7% to 8% pa.

So while earnings line isn't growing, EPS is... due to the reduction in the denominator (number of shares on issue).

Been an indifferent investment for some time, but I guess at some point over the rest of my life the stock's valuation will re-rate to a level that is no longer lower than today's 5.0x P/E.

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