Thanks. Good presentation- shows where AGO have came from and where they are heading.
Corporate -your run down on profitability is clear and your forecast for 2013 sounds good to me. $360M profit which gives AGO a PE of only 3.7. Cheap.
I see hartleys have forecasted a $25.5M profit for 2013 which gives a PE of 53.7!
Their valuation inclusive of horizon 2 and at current spot prices is $4.40.