Ann: Half Yearly Report and Accounts, page-146

The chartist view seems to support a strong sell assessment but I'm not sure the valuation approach you put down is supported. Current PE ratio is circa 7.2 and these types of business are generally valued using net present value for the loan book trail/margin rather than just profit/cashflow of the business. The NPV value is certainly under pressure with tight competition, compressed mortgage market and thin margins. In their outlook slide, in the Feb Investor Pack, they expected cash rates to be more favorable, but I don't think this is going to be the case for a bit longer given inflation. RMC did hit these SP lows in first half of 2020 so it may get down to this level again but hard to say - most of the stock is tightly held so price swings are possible within the trading community. Similar businesses are having drops in mkt cap/SP as well, so this appears to be in line with market rather than just an RMC issue. IMO.