Hopefully, the 'over-paid and under-invested' board and management are heeding the markets assessment of their "Plan".
But at 19c the EV is just $20m!!!! Would be a bloody great idea if they showed some cahones and put some hard earned on the line.
$20m to establish a nationwide group of some 338 full time agents and an additional 1,759 in the broader community, together with the huge systems and support, is plain ridiculous. Today, you just couldn't build this from scratch for less than 3 to 4 times this sum.
Not a direct apples for apples comparison by any stretch, I know, but IOOF has roughly 3 times as many agents and their EV is around $2.4bn
CAF Price at posting:
19.5¢ Sentiment: None Disclosure: Held
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