Lets ignore the income/profits from funds investment and capital partners and just focus on the funds mgmt business
- say 70bn FUM (~20% outflow......hard to see given the concentration is much lower with the SJP exit - earning ~60bps for 6mths which is ~210m - costs of ~65m - tax of ~23% PAT of ~(210m-65m)*77% = ~112m which equates to EPS of ~60c for 6 mths
This is a pretty conservative scenario.........no performance fees, nothing from funds investment
Sure plenty of uncertainties with outflows/fund performance, but as Hamish & Chris said, the companies they have invested in are solid cash generating companies with rock solid balance sheets......long term can't see why they can't do their stated 9% with lower downside risk
MFG Price at posting:
$20.85 Sentiment: Hold Disclosure: Held
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