Will the UK government ever make money with its bank shares ?

Let's pick up the example of LLoyds, which annonced another round of rights this morning, in which the UK government will contribute yet another £5.8bn.

By the way, this confirms that HBOS was unsolvent.

This is my quick DCF on the LLOY stake telling me that with:
- a 6% WACC
- earnings expectations of the most bullish analysts
- stake value going up 50% next year from now and then growing at 25% for 2 years then 15%

The UK government is only in the money in 2013.
So a 5 year pay-back on reasonably optimistic assumptions.

I do not dare calculating RBS.