On six months basis MFG has done better than market indexes and in March 22 even on 12 months basis it would have beaten the market . If the market goes sideways, MFG will do better with its portfolio than the market and that will be start of gravitation back to MFG. Last year MFG profit was A$412m on 103.5B FUM. If Barrenjoey breaks even profit would have been $454m. That means MFG has a buffer of A$10B before it starts going backwards on last year’s profit of A$454M which is A$ 2.47. With a diversified business model that is being build at MFG I doubt market giving a lower PE than current as we move towards half year profit and dividends. Difficult to say exactly where market will take you.
MFG Price at posting:
$32.89 Sentiment: Buy Disclosure: Held
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