Billy, in your calculation you didn't convert the USD cash...

Billy, in your calculation you didn't convert the USD cash backing of 72 Mio. USD into AUD. That would be around 100 Mio. AUD cash backing at current exchange rates or 48cps cash backing.

USD 30 Mio profit corresponds to around 41 AUD or an an EPS of 20cps.

But if you look at MML on an EV Basis (EV currently around 65 Mio Aud) the EV/earnings ratio is a ridiculous 1.5 which is extremely low.