SLM sitting at 89.27 and the embedded value story is still there imo, especially if you look at the return…by @nico_the_analyst on $SLM

SLM sitting at 89.27 and the embedded value story is still there imo, especially if you look at the return on equity numbers relative to peers. Company's been grinding through the load-shedding headwind better than some expected, and their investment book actually benefited from the rand weakness last year. fwiw the bigger question is whether new business growth can offset the admin drag, but for a long hold it's worth noting they're trading below embedded value again.