Book value of assets (cash + co-investments less liabilities) is about $4.70 per share - most of this value represents excess capital, and they have decided to start returning that via the special dividend plus continuation of the on-market buy-back.
Looking past the excess capital, the market is valuing the fund management business at about $6.00 per share or about 7x forward PE. That is not a stretched valuation and certainly not a premium to other fund managers when you do the calculations on a like for like basis (current valuation less excess capital for a look through valuation on the funds management business).
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- Ann: Final Results for the year ended 30 June 2023
Ann: Final Results for the year ended 30 June 2023, page-45
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$10.73 |
Change
0.290(2.78%) |
Mkt cap ! $1.939B |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
---|---|---|
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View Market Depth
No. | Vol. | Price($) |
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2 | 2000 | 10.710 |
4 | 10219 | 10.700 |
1 | 4000 | 10.690 |
1 | 48 | 10.680 |
1 | 2500 | 10.640 |
Price($) | Vol. | No. |
---|---|---|
10.730 | 1667 | 1 |
10.800 | 1000 | 1 |
10.810 | 1100 | 1 |
10.900 | 15700 | 1 |
10.940 | 196 | 1 |
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