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Seems that SP of TSL is now a play on AfterPay, which must come at a fair risk given the sharp SP rise of Afterpay and that it is loss making. This is slightly offset by the possibility of an early buyout - after all c£40m is a small sum for the £10b Afterpay

So question is what level of discount is appropriate. My estimate is that NAV of TSL will rise to c46p - a 35% discount. on SP of 30. Possibly a little too high, but IMO limited upside for TSL at the moment - unless of course Afterpay SP keeps rising !

Yes a positive note but surprised that Progressive didn't update their earnings forecasts.