@MarsC,
In brief, I like the global reach of the business, the natural hedges in the business model due to the granularity of the wide array of asset products, the significant investment in the distribution capability and, importantly, that the business - due a significant cost investment in the past 12 month - is under-earning, something that will normalise in future years.
And most importantly, despite the self-imposed impost on current earnings, the stock's valuation multiples are still at discounts to its peers.
However, this is all a bit academic because, while I was finalising my financial model for HGG, I became a bit distracted by leafing through the information memorandum issued by NAB in relation to the de-merger of Clydesdale Bank (CYB).
I ended up doing a few days' research on that company and its valuation, and with the funds I had earmarked for HGG, I ended up buying CYB instead.
