Ann: Non-Binding Expression of Interest, page-12

Fair Value Quote from Morningstart

With Veda tracking as expected, our earnings forecasts and AUD 2.60 fair value estimate are both unchanged. Veda traded on a price-to-earnings ratio of 24 times before today's result release, and we believe Veda's result supports our view it is undervalued. Sustainable competitive advantages of its credit bureau business, with large data sources and entrenched customers, provide a reasonably defensive earnings stream, with growth opportunities to leverage this position and grow into new market segments and offer complementary products. Propriety data is the key source of Veda's wide economic moat rating. We believe Veda is well placed to continue to expand into new segments, take advantage of regulatory changes, such as CCR and know-your-customer, and leverage its data into complimentary offerings such as digital marketing.

Is a 2.70 offer too low?