Ann: MNY enters NZ Market and exits SACC with sale for $46m, page-18

You also need to take into account that the MNY business has fundamentally changed from what it was.
10 years ago it was soley a 'Payday lender' & even up to the sale the market still pecieved it as a payday lender even though it made a up a small portion of the business.
The stigma of being a payday lender has weighed on the share price many times over the years, with that lifted there should be a change in not only perception but also potential investors  (on moral grounds)  & funding costs (big 4 banks won't lend to payday lenders).

So although i accept the methodology that you use i think it needs tinkering to change the range of % on book value, 90%-130% or 100%-140% for example.

Personally i think fair value is around $2.35 until we hear next years guidance so anything below $1.95 i think is a strong buy especially with a 5%+ dividend.