With the company's shares in the mid 350s now they are trading around x.0.9 tangible book which is good value if you perceive the overall group is generating 11% RoE...of course this is 'adjusted'. But the scope for a 400p+ share price is still there IF the turnaround plan is successfully applied.
In terms of progress on this front it is reasonable. Management opined they perceive they are 'ahead of plan'.
Of course risks remain high - as a quick look at the provisions update noted:
On balance however I still see scope for a 400p plus share price. Progress is being made slowly.