Wow, this is even more impressive than I was expecting. FUM up 40% in a year. Revenue up 30%.
Also it's important to remember that once we hit a certain FUM size (and so spending on staff/office space expansion etc slows down), profit will start to grow faster than FUM because business costs will be roughly the same for managing 5 billion FUM as they will be for managing 10 billion or 60 billion FUM. Very low marginal costs once client management systems and investment team are in place.
And looking at Australian super funds by FUM, we ae still TINY. Ten times FUM growth is required from here just to get in the top ten Aussie companies!
See this FUM comparison here. And ten times FUM could easily mean 20x profit due to low marginal costs.
We'll hit $10 today for sure,
Cheers,
Solarbat
