Gross yield above 8%, Ave. FUM was 103.7 B for FY 2021, FUM is tracking between $113 - 117B so far this year (+8.97% to 12.83% increase). I believe the capital partners segment is not factored into the current price, looks like it will be a net positive this year compared to 41.8m loss last year. Worth noting MFG has $210 million of cash on balance sheet as well. My forecast NPAT is ~$490m, assumptions is that Capital partners segment is breakeven (Sept. Quarterly was positive) and Ave FUM stays above 112B. I get a Forward P/E of 13 based on my calcs, (6420 M.CAP / 490 NPAT). Only reason it is so cheap is that the market is convinced Hamish has 'lost his touch' and will continue to underperform leading to higher outflows which is a change from the usual net inflows we're used to. We will see over time... Asking the consensus in a HC thread will often lead to a confirmation bias, so take what everyone says with a grain of salt. Views are my own, not financial advise. Plague.
MFG Price at posting:
$34.67 Sentiment: Buy Disclosure: Held
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