Embedded value is the key metric here, reckon the market's pricing in more deterioration than what's actual…by @mogale_morning on $MTM

Embedded value is the key metric here, reckon the market's pricing in more deterioration than what's actually happening on the ground. Sanlam and Old Mutual trade at bigger multiples of their EV, but MTM's protection book is sticky income even when equity markets wobble. Worth digging into the latest SENS filing to see if the discount is just fear or something real.