Valuation based on 20% Discount to NTA (currently trading at nearly 50%).

This company seems boring but well-managed with a long term, investor-orientated vision.

15% Operating Cashflow yield last year suggests strong fundamentals (perhaps slightly inflated).

3% returned to shareholders via buybacks and franked dividend.

Demonstrated growth (albeit lumpy and a bit complicated) and investment across all 3 pillars - wealth, education and equity.

As mentioned before by a strawperson this is a bit hard to see from any single metric. Their favoured metric varies by pillar, but it has been consistent as far back as I've looked with no changed goal posts. To be honest it all looks pretty solid to me under the hood.

This article here is a great summary of the business and the possible under-valuation https://stocksdownunder.com/teaminvest-private-group/

To me this is feeling like an bit of an asymmetrical bet. Like Silky - I'm interested to hear what I'm missing? Is it too boring (low growth)? The discount to NTA, recent strong cash generation, and the measured and demonstrated patience for growth have drawn me in.

Disc: Held IRL and SM