Ann: YBR Investor Presentation, page-7

It's an interesting journey for shareholders. I've averaged down but something needs to change to get the SP up. It's good that the presentation splits out the business into its 3 respective units. I wonder what Vow is now valued at as a separate business? In 2014 YBR paid $17.6m for it. A group like AFG has more brokers and operating cashflow of circa $55m and a market cap of circa $735m. It does say to me that YBR is undervalued as I don't believe that AFG is 24 times the size of YBR. IMO