New statistics by London-based investment company Carteret Analytics claim that Unai Emery’s should have demanded £46m for the Nigerian winger, Alex Iwobi.

The Toffees confirmed the signing of the 23-year-old for £40m on deadline day after an initial bid of £30m was rejected.

Arsenal fans thought they had come up trumps as Iwobi scored just 11 goals in 100 league appearances for them, The Sun reports.

But London-based investment company Carteret Analytics have a formula that proves Everton bagged themselves a bargain.

The system is used to advise seven clubs in England’s top two tiers and 12 clubs from Europe and the rest of the world on potential signings.

Research is based on the intrinsic value of the player – which is a fee-based on performances for the selling club and the expected impact for the buying club.

And the statistics claim Iwobi’s value at Arsenal rocketed up to an incredible £46.26m – which is over £6m more than he was sold for.

The Nigerian winger did not play for his new club during their 0-0 draw with Crystal Palace on the opening day of the season.