Medibank Prospectus Details, page-70

problem is the reasonable price is below the price range. closer to 12x the banks p/e(equates to around $1.25 issue price) coz growth rate looks very much lower than the banks, and dividend payout ratio not that great,. CAGR gross profit around 2.5% per annum, assuming MER expense ratio can't be cut much further.....banks profit growth is much higher than this imho