Hard to know if this is the bottom, but if it can stabilise around these levels, it's trading at a reasonable PE of ~13.5 (well this is conservative given the average FUM for FY2022 will be much higher, but looking at earnings based on current FUMs).
If they generate higher returns from their ~480m in investments (the 10m I've estimated below is very conservative) or performance fees (seems unlikely in this half) than that is all upside.
Again hard to know where the FUM number settles (and if they can grow it back at the rate they were doing in the past), but they have time and with this 'moderation' in outflows, hopefully we have found some sort of base which may give the broader market some comfort around the economics of this company.
| AUDm | Funds Mgmt | Other | Total |
|---|
| 1 | FUM | 65,000 | | |
|---|
| 2 | Fee | 0.60% | | |
|---|
| 3 | Revenues | 390 | | |
|---|
| 4 | Costs | 126 | | |
|---|
| 5 | PBT | 264 | 10 | 274 |
|---|
| 6 | Tax (22%) | 58 | 2 | 60 |
|---|
| 7 | PAT | 206 | 8 | 214 |
|---|
| 8 | Shares | 186 | 186 | 186 |
|---|
| 9 | EPS | 1.11 | 0.04 | 1.15 |
|---|
| 10 | | | | |
|---|
| 11 | | Share Price | | 15.5 |
|---|
| 12 | | PE | | 13.5 |
|---|
(20min delay)