Valuation: Our absolute approaches now indicate a range of 79p-85p. At the current price, the 2020 prospective P/E is 4.4x for a business whose impairment provisioning already reflects a significant downside scenario and where earnings could nearly double over three years. The yield is also double-digit.
Thing here is that news can come anytime and when it does you will see a mark up which will be considerable. That will not be the problem because the MMs shut down trading very quickly so better off buying a tranche to hold rather than trade.