I think it's reasonably valued at this price now. I don't expect much of a rerate. I think over a longer period of time though, if the principal investments build a decent valuation, and if the portfolios continue to outperform as they have done in the past, we will see a greater premium on the earnings, from the growth of the business.
I like that Hamish talks about scalability in terms of MFG. Rather than overcomplicating their investment, scaling them is important.
MFG Price at posting:
$48.30 Sentiment: Hold Disclosure: Held
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