irrelevant. the PPI smell is old news, theyll take that hit plus...

irrelevant. the PPI smell is old news, theyll take that hit plus some. even if it hits us for twice the provision - half a billion or more their all one off and irrelevant (as long as it doesnt hit our capital requirements). PPI cant rear its ugly head again and the fwd pricing mkt knows that. It just means every year after that we'll be half a billion stronger. the whole set of accounts will be littered with normalisations to show the true earnings potential now that these bumps in the road have been smoothed out.
With the integration of virgin, effectively doubling the loan book - cutting costs and removing legacy issues, focus on further diversifying income, then brexit should be sorted - economy re-stabilising and currency strengthening (icing on the cake for us in AUD) - the once perfect storm becomes the calm and picture perfect postcard.

value is relative and whether you're the flavour of the day, we arent at the moment, but like santos, we making the right steps to leap our wealth in a few patient years. holding onto this, its a 2-3 bagger in time and a genuine no brainer - aimho.