target price $20 and why, page-24

Yes, interesting. Only thing I can think of is GS has come up valuation of $31.70.
I compared to my model and I agree to more or less to what GS has produced except for one thing. GS has a very low EPS for 2024 onwards around $1.45.
They seems to assume cash generated is going to sit in the BS without investing on acquisitions.
SHL has shown over the years as shrewd investors and in my opinion they will continue do it around the world and find a home for the $1B+ Funds. Return from this will take the EPS back to $1.7 range. As we are talking about FY 2024, SHL have 2 years to find the suitable investment. The management always says they are opportunities around the world and they always executed well.
That will change the valuation back to $35 to 37 range in my opinion rather than GS range of $31.75.
Time will tell the story.