$18.3m divisional profit before tax = $13.2m after tax = approx. 15 cps earnings. Not sure where you get a PE of 8.
From where I sit the vehicle division is worth something like $1.50 per share (PE 10 which is line ball with CMO) so I guess its a question of whether the finance and insurance deivisions are worth more than $1 per share.
Overdue debt in the credit division is up from 1.6% to 2.0% of lending which is getting right up there and the non recourse lending overdue has blown out to a whopping 14.4%, that's an absolute shocker...last time I looked at the interim report it was under (9% from memory).
I suspect when the risk ruler is run over TRA's loan book in a truly independent arms length way in tandem with thorough due diligence, (remember the auditors do minimal sampling and are not truly independent because the company pays their fees and provisioning of doubtful loans involves a vast amount of estimation by the company itself), TRA may find indicative bids for their finance division are well short of their expectations.