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Historical, unprecedented valuation discount (high teens) to peers. Before the money laundering and failed M&A clouds, used to trade at high-single or low-double digit premium to peers. Reputation tarnished. Cap on size of US balance sheet. Will work night and day to make itself squeaky clean again and return to growth trajectory in the US. Excess capital to be deployed in some fashion by new CEO -- buy back shares, increase dividend, M&A. Good time to own and add.
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