Assumes net funding cost 53 points over 30 day bank bills (perhaps a little high); Assumes 10% per annum loan book attrition from year 1 of $13 billion. NPV (10%)earnings are 55 cents per share. The $140 million is 40 cents per share. So NPV 94 cents. Happy to hear of other opinions. I am long from higher levels but have sought to be balanced to see if i should buy more
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