Burford Capital offers little value at the current price because its core business is worth only about its $4 tangible book value per share, which has grown under 10% a year for more than a decade. That suggests management's ROIC and IRR figures are inflated or misleading. A likely YPF settlement at a 50% discount, about $3 billion, is worth roughly $9-10 a share after discounting, for a fair value near $14. x.com  x.com