back of an envelope calc:
- retail vs Institutional share still relatively stable compared to Jun23 (retail ~46-47% of total FUMs)
- if we assume that they earn ~60bps on the average FUM of $36.9bn then you get revenues of ~$108m for 6 mths (note that for FY23 they earned 67bps so there is upside there of ~10-12m)
- they have guided to $95-100m in expenses for FY24 so assume they had costs of $50m
=> PBT of ~$53m for 1H23 on the funds management business
You then have probably a decent return from their Magellan Funds investment offset with losses at Barrenjoey (tough half for investment banks).....so not a total basket case, but the big question mark is whether this is the bottom of the cycle for outflows?
Ann: Funds Under Management and Performance Fee Update - Dec 2023, page-3
-
- There are more pages in this discussion • 8 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add MFG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$10.78 |
Change
-0.010(0.09%) |
Mkt cap ! $1.927B | |||
| Open | High | Low | Value | Volume |
| $10.73 | $10.84 | $10.61 | $5.811M | 539.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 7422 | $10.75 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $10.81 | 1670 | 1 |
View Market Depth
| Last trade - 16.10pm 16/10/2024 (20 minute delay) ? |
| MFG (ASX) Chart |