This is going to be interesting!
Back of napkin calculations.
Share price 90c for MC of $190m
Cash accounts for approximately 88m of that (or 41c of share price) - not sure if there are any debts.
Remaining 49c is enterprise value
Between now and 2020 - when the current fee arrangement is scheduled to be phased-out - there is an estimated earning per share of 15c per year. I don't think these earnings will be disrupted as the consumer is generally happy with their brokers.
So roughly 30c per share to be earned between now and any 2020 changes.
That alone accounts for 79% of the current share price.
I think even with the headwinds there is value here
Ann: AFG Royal Commission Final Report Response, page-18
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Last
$1.66 |
Change
0.040(2.47%) |
Mkt cap ! $449.4M | |||
| Open | High | Low | Value | Volume |
| $1.63 | $1.67 | $1.63 | $305.8K | 185.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 2161 | $1.65 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.66 | 17143 | 3 |
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| Last trade - 16.10pm 09/10/2024 (20 minute delay) ? |
| AFG (ASX) Chart |