I agree with you and Joe. However, my main point is that to support the current share price assumptions along the lines of nil long term Div growth, no reinvestment via retained earnings (and the commensurate debt capital if gearing maintained) and a cost of equity of around 12% would be required. None of those assumptions to me would hold true (all conservative imo) and if I used something in my mind more reasonable get reasonably north of $2/share. I also think Management has shown itself to perform over the years. Through cycle expected credit loss provisioning will be interesting in the financial sector when bad debts do spike, to see how earnings volatility may be dampened also (vs past and old rules). When it was $1.50 it felt very cheap to me.
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