Medibank Prospectus Details, page-74

"....assuming g MER expense ratio can't be cut much further..."

Yes, but that - you see - is a flawed assumption. It can - and will - be cut much further.

Bit that's the small opportunity, really. The really big opportunity is an improvement in claims management which, compared to industry benchmarks, has been poor for Medibank Private.

Believe me, this company will grow many times faster than the banks during the first 3 years of its life as a publicly listed company.

The precedent for this IPO is Queensland Rail (now Aurizon).

I don't like buying businesses off Private Equity, but I love buying them off government!