better to compare with PTM rather than IOOF. the dividend yield is a trap, as it is may be not sustainable. PTM has always had good yield but low total return. the net profit and dividend for MFG will fall sharply when the tax rate goes back to 30%. it may further shrink if there is more outflow. and if there is more competition and a war on the fees then revenue may drop as well. we will see... but $26 is not unreasonable. the market hates outflows. look at JHG used to trade at 7x during the outflow times and is now doing better at 12x. if MFG is re rating then these exit multiple are important for total return. best of luck.
MFG Price at posting:
$32.89 Sentiment: None Disclosure: Not Held
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